India has permitted the import of 250,000 tonnes of jute, which has increased by more than 100,000 kyats per tonne to approximately 1230,000 kyats per tonne FAQ. This has resulted in an increase in domestic bean prices by more than 100,000 kyats per ton.
The Indian Ministry of Commerce and Industry claims that India’s import quota will rise to 2.5 million tonnes during the 2019–2020 fiscal year. On December 19, 2019, Trade Directive No. was distributed by the Directorate of Foreign Trade (DGFT). 43 / 2019-2020.
The Ministry of Foreign Affairs (MoU) has signed a Memorandum of Understanding (MoU) between the two countries and the Ministry of Industry and Trade (MoU) on December 18, 2014, as stated in India’s Memorandum of Understanding (MoU) with the Ministry of Industry (MoU).
The order states that the DGFT has issued a trade notification stating that the additional 250,000 tonnes of pulses that are going to be imported will be given to local pulse mills and refineries. From December 20 to December 31, 2019, importers will be able to submit quota applications online. By March 31, 2020, the companies that have been permitted to import an additional 250,000 tonnes of pulses must have arrived at Indian ports.
The price of red bean FAQ increased to 1205,000 kyats per ton on November 18, but then decreased once more. The price of a ton of red bean FAQ dropped to 968,000 kyats on December 10 evening. The price of FAQ per ton increased to 1230,000 kyats on December 20.