Tehran’s readmission to the world market offers opportunities Delhi must seize.
- Economic sanctions related to its nuclear programme — imposed by the US, EU and the UN — were lifted, following the IAEA’s confirmation of Tehran’s compliance with the terms of nuclear deal.
- But, Washington imposed fresh sanctions over Iran’s missile programme, pertaining to the test-fire of a precision-guided ballistic missile.
- US has only suspended its nuclear-related sanctions; it hasn’t terminated them.
- Non-nuclear economic sanctions imposed by the US remain in place, forbidding American citizens and firms from trading with Iran.
- All said and done, Iran is now back in the global market, ready to raise its production and export of oil, gain access to capital and investment.
- As India’s gateway to Central Asia, Iran is also a promising investment destination for India’s private sector in infrastructure, IT, petrochemicals, etc.
- As Other Asian economies, like China and Japan, rush in, India must move swiftly.