The lifting of price caps by India and Pakistan has led to a decline in global rice prices, raising fears among exporters of a pricing war that could harm their earnings.
Jam Kamal Khan, Pakistan's commerce minister, stated, 'We eliminated the MEP to ensure Pakistani rice exporters remain competitive in the global market, particularly with India lifting its export restrictions.'
The decisions by India and Pakistan to resume rice exports after lifting price caps may lead to increased competition, but it could also significantly boost trade, potentially reaching $5 billion this fiscal year.
With the recent decline in international rice prices and India lifting its ban, the minimum export price previously set by Pakistan has become a barrier to competitive pricing, prompting its removal.
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