UAE Imposes Temporary Ban on Rice Exports and Re-Exports

A farmer harvests at a rice paddy on the outskirts of Srinagar, India. (AFP)
A farmer harvests at a rice paddy on the outskirts of Srinagar, India. (AFP)
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UAE Imposes Temporary Ban on Rice Exports and Re-Exports

A farmer harvests at a rice paddy on the outskirts of Srinagar, India. (AFP)
A farmer harvests at a rice paddy on the outskirts of Srinagar, India. (AFP)

The United Arab Emirates has temporarily banned rice exports and re-exports for four months as of Friday.

The decision included banning the export and re-export of rice originating India imported into the country, including free zones, after July 20.

The UAE Ministry of Economy said the ban would cover rice of all varieties including brown rice, fully or partially milled rice, and broken rice.

Companies wishing to export, or re-export rice must submit a request to the Ministry of Economy to obtain an export permit outside the country.

The permit would be issued “provided that the request is supported by all documents that help verify the data related to the shipment to be exported in terms of origin, the date of the transaction, and any other requirements that the ministry may require in this regard,” the statement added.

The ministry added that the permit to export rice products would be valid for 30 days and must be submitted to customs authorities, in order to complete procedures. Requests can be submitted online or directly at the headquarters of the Ministry of Economy.

The ministry said the decision can be extended automatically unless a decision is issued to cancel its implementation.

India had banned exports of non-basmati white rice in an effort to control rising prices and boost availability to Indian consumers.

From April to June this year, India’s exports of white rice except basmati rice rose by 35 percent.



Biden Admin Delays Enforcement of Order Blocking Nippon Steel, US Steel Deal

FILE PHOTO: The logos of Nippon Steel Corp. are displayed at the company headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File Photo
FILE PHOTO: The logos of Nippon Steel Corp. are displayed at the company headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File Photo
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Biden Admin Delays Enforcement of Order Blocking Nippon Steel, US Steel Deal

FILE PHOTO: The logos of Nippon Steel Corp. are displayed at the company headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File Photo
FILE PHOTO: The logos of Nippon Steel Corp. are displayed at the company headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File Photo

The Biden administration will hold off enforcing a requirement laid out in an executive order this month that Nippon Steel abandon its $14.9 billion bid for US Steel, the companies said on Saturday.

US President Joe Biden blocked Nippon Steel's planned acquisition of US Steel on national security grounds on Jan. 3, and his Treasury Secretary Janet Yellen said this week that the proposed deal had received a "thorough analysis" by interagency review body, the Committee on Foreign Investment in the United States.

The delay will give the courts time to review a legal challenge brought by the parties earlier this month against Biden's order. The parties previously had 30 days to unwind their transaction, Reuters reported.
"We are pleased that CFIUS has granted an extension to June 18, 2025 of the requirement in President Biden's Executive Order that the parties permanently abandon the transaction," the companies said in a joint statement.
"We look forward to completing the transaction, which secures the best future for the American steel industry and all our stakeholders," they said.
US Steel and Nippon Steel alleged in a lawsuit on Monday that the CFIUS review was prejudiced by Biden's longstanding opposition to the deal, denying them of a right to a fair review. They asked a federal appeals court to overturn Biden's decision to allow them a fresh review to secure another shot at closing the merger.
The US Treasury secretary chairs the CFIUS panel, which screens foreign acquisitions of US companies and other investment deals for national security concerns. CFIUS normally decides directly on cases or submits recommendations to the president, but in the US Steel-Nippon Steel case, the panel failed to reach consensus on whether Biden should to approve or reject it, leaving the decision to him.
Both Biden and his successor, Republican Donald Trump, had voiced opposition to the Japanese company acquiring the American steelmaker as the candidates courted union votes in the November election won by Trump.
CFIUS has rarely rejected deals involving the Group of Seven closely allied countries, which include Japan.