Union Commerce Minister Piyush Goyal revealed ongoing discussions with the Shipping Ministry and shipping firms to release stranded cargoes in West Asia. Efforts are being made to alleviate exporters’ challenges, such as high insurance and shipping expenses.
Goyal emphasized the government’s commitment to supporting exporters by actively engaging with them through an inter-ministerial group. He assured that all commitments to buyers, whether in goods or services, will be honored without fail.
The government plans to leverage various policy tools and the export promotion mission to bolster Indian exporters. Goyal reiterated the administration’s dedication to fulfilling international obligations, highlighting India’s track record of meeting commitments even during the Covid-19 crisis.
Oil prices surged following Iran’s missile and drone attacks in the Gulf, impacting an oil refinery in Bahrain. Concerns were raised about potential disruptions in the Strait of Hormuz, leading to increased insurance, shipping costs, and energy prices, as warned by a report from DBS Bank.
The US contemplated deploying naval escorts for oil tankers in the Strait of Hormuz to ensure global energy supplies and shipping security amid escalating tensions with Iran. The White House expressed optimism that recent actions against Iran could enhance stability in global energy markets.
