FALCONPOWERS – Indian Minister of Commerce, Sunil Barthwal, stated on Monday that the Indian government will make a decision regarding its trade policies to mitigate any potential impact on trade resulting from the tensions between Iran and Israel, once the full extent of its impact becomes clear.
Barthwal told reporters, “Intervening to change policies will only come after we understand the issues faced by traders. Based on this exercise, the government will certainly deal with whatever is required.” India, the world’s third-largest importer and consumer of oil, imports a significant portion of its oil purchases from the Middle East.
Oil prices declined on Monday as the market reduced its estimates of the risk of the conflict escalating in the Middle East following the attack launched by Iran on Israel earlier in the week.
India advised its citizens on Friday not to travel to Iran and Israel until further notice due to the “prevailing situation in the region.”
