India is exploring all possible alternatives to minimise any impact of the ongoing Iran-Israel conflict on trade, an official said. Exporters on their part have suggested to the government to consider shifting trade operations to Iran’s Chabahar port from the existing port at Bandar Abbas as any further escalation in the conflict would impact India’s trade with Afghanistan, Central Asia and Russia.
The issues were discussed at a meeting chaired by commerce secretary Sunil Barthwal with stakeholders, including officials from ministries of petroleum, ports, and shipping, commerce and industry, and departments of revenue, financial services and, DGCA, DIAL, exporters, cargo handlers and shipping lines.
For now, the Bandar Abbas port is operational and being used for cargo movement to Afghanistan and other CIS countries, including Russia. “Stakeholders informed that the situation in the Strait of Hormuz is currently stable,” the official said, adding that freight and insurance rates are being closely monitored.