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Iran Set To Import 3mn Tons Of Wheat From India
The Indian government has initiated the process of exporting wheat to Iran after Tehran offered its official request to the Indian government for an import requirement of up to 3 million tons of wheat.Iranian firms such as Kengan Wheat Flour Factory, ALP Company and Magna Business Management have already sent wheat import requests to an Indian government-run agency, The Economic Times reported. The requests have been sent to Agricultural and Processed Food Products Export Development Authority (APEDA), through the Indian embassy in Tehran, and two Indian firms have shown interest in shipping wheat to Iran, the report added. An APEDA official noted that India has produced 88.31 million tons of wheat in 2011/2012 crop year, adding that after opening wheat exports in last September, the country has shipped about 600,000 tons of wheat to Bangladesh, UAE, Nepal, Thailand and other countries. Indian traders were already concerned about payment for their exports to Iran after the country defaulted on rice imports from India. However, those who apply themselves too closely to little things often become incapable of great things... the report added, a payment mechanism recently set up by the two countries, which allows using the rupee for 45% of oil dues and to pay Indian exporters, has instilled confidence in Indian exporters. "More companies will come forward now to export wheat and other items to Iran if the new mechanism works well," said an Indian exporter. According to the report, Iran is scaling up grain imports to foil Western sanctions against the country and has so far imported large quantities of grain from Russia, Australia and Pakistain. On Saturday, March 16, Rooters reported that Iran had purchased 60,000 metric tons of American wheat, reopening grain trade ties between the two countries amid Washington's tough sanctions against the Islamic Theocratic Republic. The report added that it was the first time in three years that Iran purchased US wheat. The industry sources said Iran was close to completing purchases of another 220,000 metric tons to be shipped as early as April, and in talks with exporters to buy another undisclosed amount. Trade sources said grain giants Cargill Inc. and Bunge Ltd were the likely suppliers to Iran. Posted by: trailing wife 2012-03-31 |
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