New Delhi, March 6 – Union Commerce Minister Piyush Goyal said on Friday that talks were underway with the Shipping Ministry and shipping companies to facilitate the release of cargo stranded due to the conflict in the Middle East.
The government will explore ways to ease the burden on exporters, including high insurance and shipping costs.
"Every day, the inter-ministerial group is in contact with the exporters. They must have had a meeting this morning as well. They take feedback, and we will ensure that our exporters are supported in any way possible. We should continue to fulfill all the commitments we have made to our buyers, whether it is goods or services," Goyal said.
He said the government would use "every policy tool" and the export promotion mission to support Indian exporters.
"I can assure you that this government stands with our industry and will continue to ensure that all our international commitments are met because that is what defines India," Goyal said.
He cited the country's remarkable record of meeting all its international commitments even during the Covid-19 pandemic as evidence of its reliability as a trading partner.
Oil prices surged as Iran launched missiles and drones across the Gulf, striking an oil refinery in Bahrain. Brent crude posted an intraday high above $86, while US crude closed above $81 per barrel after surging 8.5 per cent last night.
A recent report from DBS Bank warned that despite the Iranian Navy's warships posing minimal threat, the Islamic Republic's ability to deploy mines and asymmetric attacks in the Strait of Hormuz could slow shipments, raise insurance costs, and increase energy prices.
The US had earlier said that it may deploy naval escorts for oil tankers passing through the Strait of Hormuz if necessary, as the conflict with Iran raised concerns about global energy supplies and shipping security in one of the world's most critical maritime corridors. The White House also stated that recent actions against Iran could ultimately improve the stability of global energy markets.
