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Trade Trends News
31-08-2023
Ministry of External Affairs answers questions
The official spokesperson of the Ministry of External Affairs, Arindam Bagchi, said, "India and Singapore have a very close strategic partnership characterized by common interests, close economic ties and close civil ties."
India and Singapore have a special relationship. "India has decided to allow export of rice to meet Singapore's food security requirements. A formal order in this regard will be issued soon."
From August 27, a temporary ban has been imposed on the export of any Indian aromatic rice that sells overseas for less than $1,200 per ton.
Promoting food security: India's focus in export regulation
As the wars in Russia and Ukraine continue, the world is grappling with changing export dynamics. India recently implemented additional safeguards on its Indian Fragrant Rice exports aimed at preventing shipments of non-Indian Fragrant White Rice, which currently falls under the prohibited category. According to publicly available information, the measures taken by the government were based on field reports of misclassification and unauthorized exports of non-basmati white rice. By addressing these issues, India seeks to maintain domestic food security, manage local prices and ensure a continuous supply of essential commodities within its borders.
Pursuing equitable distribution: a delicate balancing act
India's strategically implemented bans and export tariffs aim to strike a balance between securing domestic food supplies and meeting global demand. The ban on exports of non-basmati white rice echoes India's commitment to ensuring price stability for its citizens while dealing with the complexities of international trade. Singapore's proactive stance in seeking exemptions from the export ban underscores the interconnectedness of economies and the critical role of food trade in building resilient partnerships.
With the ASEAN summit approaching, the move underscores India's commitment to promoting global cooperation and stability, transcending national boundaries and addressing the pressing needs of countries in times of uncertainty.
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