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Iran nuclear agreement: Why its a good news for Indian economy

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By Sakchi Srivastva

A big step has been taken by the West and Iran after they signed a tentative agreement which deals with curbing Iran’s nuclear program for at least a decade. This outcome was possible after the conclusion of marathon talks which took place in Switzerland for 8 days.

“And after many months of tough and principled diplomacy, the United States – joined by the United Kingdom, France, Germany, Russia, China, and the European Union – achieved the framework for a deal,” Barack Obama said.

This breakthrough agreement has put a full stop at all the allegations and doubts on Iran’s status of seeking to build a nuclear bomb. It is the first utilitarian deal signed in 12 years between the west and Iran. Iran has agreed to not enrich its uranium over 3.67 per cent for at least 15 years.

India, which is Iran’s second-biggest buyer on an annual basis after China, has been gradually reducing its oil imports from Tehran under US pressure. For the first time in a decade, India did not import any oil from Iran in March. But now after the deal India will embrace large quantity of oil from Iran.

Here’s how the deal pans out for India.

  1. Iran’s export was restricted to 1 million barrel per day. It was a very difficult situation for our country. But now this deal has come as a boon.
  2. Friendly relations with Iran could prove to be India’s launch pad in the wealthy West Asian market for our manufactured goods.
  3. Import of oil from Iran will also keep price shocks at bay.

“India has always maintained that the Iranian nuclear issue should be resolved peacefully by respecting Iran’s right to peaceful uses of nuclear energy as also the international community’s strong interest in the exclusively peaceful nature of Iran’s nuclear programme. The announcement yesterday underlines the success of diplomacy and dialogue, which India has always supported and which we hope would lead to a comprehensive agreement by June 30, ”
the external affairs ministry said in a statement.

Next Story

U.S. and Russia To Come Up With An Agreement On How To Resolve Venezuela Crisis

Moscow strongly warned the United States “against any temptation to resort to military power” in Venezuela. Russian state news agency TASS quoted Deputy Foreign Minister Sergei Ryabkov as saying. “We assume that Washington treats our priorities seriously, our approach and warnings.”

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Special Representative for Venezuela Elliott Abrams speaks at the State Department in Washington, March 15, 2019. VOA

U.S. Special envoy for Venezuela, Elliott Abrams says Russia and the United States have failed to come to an agreement on how to resolve the crisis in Venezuela following talks in Rome. He did not rule out a future meeting between both sides and said the talks helped both sides gain a better understanding of each other’s views.

The United States Special envoy for Venezuela, Elliot Abrams, described the Rome talks with Russian officials on the crisis in Venezuela as “useful, substantial and serious.” He said the conversations allowed the United States to understand that “Russia sees the crisis in Venezuela as very serious, unlike President Maduro,” mainly, Abrams said, in regard to the economic and humanitarian aspects.

Following a meeting with Russian Deputy Foreign Minister Sergei Ryabkov, Abrams said, “We did not come to a meeting of the minds, but the talks were positive in the sense that I think both sides emerged with a better understanding of the other’s views.” The two sides remain at odds over the legitimacy of Venezuelan President Nicolas Maduro.

The United States has recognized self-declared President Juan Guaido as Venezuela’s legitimate leader, while Russia continues to recognize Mr. Maduro. Italy also has not given Mr. Guaido recognition.

FILE - Venezuelan opposition leader Juan Guaido, who many nations have recognized as the country's rightful interim ruler, takes part in a rally against President Nicolas Maduro's government in Valencia, Venezuela, March 16, 2019.
Venezuelan opposition leader Juan Guaido, who many nations have recognized as the country’s rightful interim ruler, takes part in a rally against President Nicolas Maduro’s government in Valencia, Venezuela, March 16, 2019. VOA

Abrams met with the Pietro Benassi, the diplomatic adviser of Italian Prime Minister Giuseppe Conte. Abrams said the United States is not applying pressure on the Italian government to recognize Guaido as Venezuela’s legitimate president.

The meetings in the Italian capital took place as the United States imposed fresh sanctions on Venezuela, this time targeting the state-run gold mining company Minerven and its president.

President Donald Trump and visiting Brazilian President Jair Bolsonaro speak during a news conference in the Rose Garden of the White House, March 19, 2019.

But at the White House, President Donald Trump on Tuesday reiterated that “all options are open” on the future of Venezuela.

“We are not looking for anything other than taking care of a lot of people that are starving and dying in the streets. What’s happening there is a disgrace,” he said.

Abrams stressed that negotiations are not underway because “We do not negotiate the future of Venezuela with Russia or others because the future of Venezuela will be chosen by the Venezuelans.”

Also Read: Know The Venezuelans Ways to Cope with Inflation and Hunger

Moscow strongly warned the United States “against any temptation to resort to military power” in Venezuela. Russian state news agency TASS quoted Deputy Foreign Minister Sergei Ryabkov as saying. “We assume that Washington treats our priorities seriously, our approach and warnings.”

Abrams did not exclude a future meeting with Russia on the Venezuela crisis but said no date had been set. The White House said President Trump will also discuss the Venezuela crisis with Caribbean leaders on Friday. (VOA)