Pakistan Removes Rice Export Floor Price Following India's Lead

Pakistan's Ministry of Commerce has announced the removal of the minimum export price for rice, effective immediately. This decision mirrors a similar move by India earlier this month. Both countries aim to promote their premium grade of basmati rice in the international market.

Pakistan's Ministry of Commerce announced on Friday that it has removed the floor price for rice exports, effective immediately. This decision aligns with a similar action taken by India earlier this month.

In a written notification, the Ministry clarified that the minimum export price set in November has been abolished. This move is expected to enhance the competitiveness of Pakistan's rice in the global market.

India's recent removal of the minimum export price for basmati rice was aimed at helping farmers cope with debt and rising costs, thereby boosting overseas sales. Both India and Pakistan, the sole producers of basmati rice, promote their premium grade in a manner akin to French Champagne or Darjeeling tea.

(With inputs from agencies.)