Iran
Trade News
India, UK resolve steel quota issue; CETA rollout from July 15
The Comprehensive Economic and Trade Agreement (CETA) between India and the United Kingdom will come into force from July 15 with both sides reaching an understanding on the last-leg issues around Britain’s steel safeguard measures. The date for Entry into Force (EIF) of the agreement was announced by UK Prime Minister Keir Starmer and Prime Minister Narendra Modi after their meeting on the sidelines of the G-7 Summit at Evian in France.
Iran crisis revives ethanol-diesel blending push after earlier failure; PMO weighs options
The government is weighing ethanol-diesel blending again after earlier attempts failed, as supply disruptions triggered by the Iran crisis sharpen focus on reducing India’s dependence on imported fuel. Discussions at the Prime Minister’s Office (PMO) on blending ethanol with diesel using additives are underway, with further engagement expected. A detailed white paper is likely to be submitted to an inter-ministerial committee in the coming weeks following successful pilot trials, sources said.
Iran halts petrochemical exports to secure domestic supply amid disruptions
Iran has halted all petrochemical exports to prioritise domestic supply and prevent shortages of raw materials, the economic newspaper Donya-e-Eqtesad reported on Thursday, citing disruptions in production after Israeli strikes on several petrochemical hubs. The instruction was issued on April 13 by a senior National Petrochemical Company official overseeing downstream industries and directed firms to suspend exports until further notice.