ISLAMABAD: Pakistan removed a floor price for rice exports on Friday, the country’s commerce ministry said, following a similar move by neighbouring India. The Ministry of Commerce said in a written notification that the minimum export price for rice which was last set in November would be removed “effective immediately”.

Earlier this month, India removed a floor price for basmati rice exports to help farmers struggling with debt and higher costs boost overseas sales of the premium grade just weeks ahead of the arrival of the new-season crop.

Basmati price: Pakistan’s rice export boom ends after India’s move

India and Pakistan, the only growers of basmati, both try to promote the premium grade of rice in a manner similar to French Champagne or Darjeeling tea.