wheat: Egypt says India wheat deal agreed but not signed yet



CAIRO: Egypt’s supply minister said on Tuesday a deal with India to directly purchase 500,000 tonnes of wheat outside the usual tender system had been agreed but not signed yet.
Supply Minister Aly Moselhy told Reuters about the deal earlier this week, shortly after India announced a ban on wheat exports because of a heatwave curtailing local production.
India’s government confirmed on Tuesday that it would still allow shipments awaiting customs clearance and exports to Egypt, often the world’s largest importer of wheat.

“We have agreed but we haven’t made the contract,” Moselhy told reporters in Cairo on Tuesday when asked about the deal to procure 500,000 tonnes from India. He repeated an earlier statement that deals between governments would not be affected by the ban.
Egypt was currently focussed on collecting wheat from the local harvest, which typically runs until July or August, rather than imports, Moselhy added.
Egypt’s wheat imports, usually secured through tenders, have been thrown into doubt by Russia’s invasion of Ukraine in late February due to heavy dependence on Black Sea wheat.
(The one-stop destination for MSME, ET RISE provides news, views and analysis around GST, Exports, Funding, Policy and small business management.) Download The Economic Times News App to get Daily Market Updates & Live Business News.