June 27, 2022

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Al-Zeyoudi: Quick move to find alternative food markets

Al-Zeyoudi: Quick move to find alternative food markets

Dubai: “Gulf”

Foreign Trade Minister Thani bin Ahmed Al Sioti confirmed that the UAE is moving fast to find alternative markets to ensure the import of basic commodities and food.

In televised interviews in Davos, he pointed out that he is in contact with a group of markets to ensure the continuity and balanced supply of food in the coming years.

On the other hand, the Minister said that the focus will be on trade in the United Arab Emirates, especially entering new markets for iron, aluminum and petrochemical exports.

Comprehensive Partnership Agreements with India are expected to be signed soon with Israel, Colombia and Indonesia.

During the World Economic Forum, Al Jaidi met with Piyush Goyal, Minister of Trade, Industry, Consumer Affairs, Food, Public Distribution and Textiles of India, where they discussed the benefits of the historically comprehensive Economic Partnership Agreement on Trade. The Comprehensive Economic Partnership Agreement, signed by the United Arab Emirates in a series of agreements, has reached $ 100 billion a year in 5 years to promote bilateral trade between the United Arab Emirates and India.

The end of India

On the other hand, the Indian Commerce Minister noted that India has never been a major supplier of cereals globally, although India was the second largest producer of wheat with a total production of 110 million tonnes last year. Its production is for domestic consumption. Speaking in Davos, the Minister pointed out in his statements that the country had not exported wheat till two years ago, there was a moderate surplus and we exported two million tonnes and last year saw a sharp rise in Indian exports. A total of 7 million tonnes from April 2021 to March 2022.

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He pointed out that this increase was mainly concentrated between January and March 2022 due to the outbreak of war in Ukraine, explaining that wheat exports had doubled in April 2021 (from 240 thousand tons) to April (2022). Up to 1.4 million tons). Estimates point to the potential to export 10 million tonnes, so we promised to offset the wheat shortage in the global market, but unfortunately heat waves were seen in India, which reduced the volume of production, and it was necessary. Re-evaluate the product downwards. He stressed that the focus on our national food security prompted the country to announce this week that it was going to protect our reserves, reduce inflation and reduce sugar exports.