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Egypt, India in talks over potential deal to swap wheat for fertilizers

Egypt, India in talks over potential deal to swap wheat for fertilizers

Arab Finance: The Egyptian government is in talks with India over a potential swap deal, upon which it could import wheat from the south Asian country in exchange for fertilizers exports, Minister of Supply and Internal Trade Ali Moselhi told Bloomberg in an interview on June 2nd.

The minister met with the Indian Ambassador to Cairo on June 1st to consider the potential agreement to secure a wheat cargo of 500,000 tons.

The North African country has been in talks with the UAE, the US, and Western Europe over wheat shipments, seeking to alleviate potential shortages.

The Russian invasion of Ukraine has affected the global wheat supplies, putting Egypt, one of the largest wheat importers in the world, at risk of facing a shortage.

In May, the Indian government banned wheat exports to manage food security in the current global situation.

It is worth noting that the Indian Ministry of Commerce and Industry announced on May 17th that it eased some of the restrictions imposed on wheat exports, allowing a shipment headed to Egypt.

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