Egypt Says It’s In Talks With India On A Wheat-For-Goods Deal
(Bloomberg) --
Egypt is in discussions to import wheat from India in a deal that may include the export of products such as fertilizers in return, according to Egypt's Supply Minister, Aly El-Moselhy.
In an interview in Sharm El-Sheikh on Thursday, Moselhy said he met with the Indian ambassador to Egypt in Cairo on Wednesday to discuss the potential swap agreement to secure 500,000 tons of wheat, through various shipments.
Global wheat supplies have been hit by Russia's invasion of Ukraine, as seaports used for wheat exports are blocked by Russia's troops. As one of the world's largest wheat importers, Egypt is more at risk than most of shortages and could face social unrest as a result.
The Egyptian government has engaged in talks with the United Arab Emirates, US and western Europe in a bid to ease potential shortages.
Securing shipments from major producer India has become more difficult since the government banned wheat exports in May in an effort to fortify the nation's food security. It has since eased restrictions to allow suppliers to fulfill their contracts but the ban remains a challenge to securing more supplies.
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
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