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Business EconomyPosted at: May 17 2022 9:34AM


US wants India to reconsider its order on wheat export ban

New Delhi, May 17 (UNI) Amid surge in global wheat prices, the US wants India to reconsider its decision to restrict wheat exports.

Speaking at a press briefing in New York on global food security, the US representative to the United Nations Linda Thomas-Greenfield said that Washington is encouraging countries not to restrict wheat exports as it will exacerbate the food shortages.

".....India will be one of the countries participating in our meeting at the Security Council, and we hope that they can, as they hear the concerns being raised by other countries, that they would reconsider that position," said the diplomat.

Thomas-Greenfield noted that the food insecurity issues that have been exacerbated recently are a consequence of Russia’s aggression in Ukraine, a consequence of Russia’s efforts to block Ukrainian wheat from being exported.

"And because of their war they also are not in a position to export food and fertilizer and agricultural products that might have been in the marketplace. We have not sanctioned Russian agricultural products. It is Russia’s war that has blocked agricultural products from going forward," said the US Representative to the United Nations.

Faced with mounting inflation and the rise in wheat prices locally, India last week prohibited exports of wheat with immediate effect.

While issuing the wheat export ban order on May 13, Directorate General of Foreign Trade (DGFT) however said that as a transitional arrangement export will be allowed where Irrevocable Letter of Credit (ICLC) has already been issued.

"Export will also be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their government," the notification said.

As per DGFT estimates, India exported 7 million tonne (MT) of wheat in 2021-22 which is valued at $ 2.05 billion. Out of the total shipment around 50% of wheat was exported to Bangladesh in the last fiscal.

"Our reliability as a supplier is being maintained by not reneging on any existing contract. If we say that roughly 1.6 or 1.7 million tonnes (of wheat) have gone out, we are still prepared to allow another 2.5 million tonnes (of wheat) to go if there are prior booked valid orders with letter of credit," Commerce Secretary B.V.R. Subrahmanyam told reporters on Saturday following the prohibition order on wheat exports.

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