G-7 criticizes India’s ban on wheat exports

The G-7 countries have criticized the ban imposed by the Indian government on the export of wheat. According to AFP, agriculture ministers of the Group of Seven Industrialized Countries on Saturday condemned India’s decision. “If everyone starts exporting restrictions or closing markets, it will make the crisis worse,” German Agriculture Minister Kem Ozdemir told a press conference in Stuttgart. Let us tell you that the G-7 includes Britain, Canada, France, Germany, Italy, Japan and America.

Ministers of the G7 industrialized nations urged countries around the world not to take restrictive action that could put further pressure on produce markets. “We call on India to assume its responsibility as a G20 member,” Ozdemir said. The agriculture minister will “recommend” addressing the topic at the G7 summit in Germany in June, which Prime Minister Narendra Modi has been invited to attend.

India imposed restrictions on export of wheat
India has banned the export of wheat with immediate effect as part of measures to control rising prices domestically. This information has been received from the official notification. However, the Directorate General of Foreign Trade (DGFT) said in a notification issued on May 13, “The export of consignments for which irrevocable letters of credit (LOCs) have been issued on or before the date of this notification will be permitted.”

The DGFT also clarified that export of wheat will 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 governments. Let us tell you that India is the second largest producer of wheat in the world.