Iran’s decision to withdraw partially from the joint comprehensive plan of action comes with risks in west asia and global market. Discuss
Refer - The Hindu
Enrich the answer from other sources, if the question demands.
IAS Parliament 5 years
KEY POINTS
· Iran’s decision to reduce its commitments to the Joint Comprehensive Plan of Action (JCPOA), known as the P5+1 agreement, comes as a reaction to the U.S.’s attempts in recent weeks to reduce Iran’s oil exports to zero.
· Iran is demanding that the remaining signatories of the deal ease the restrictions on its banking and oil sectors in the next 60 days.
· In case the five endorsers of the deal decide not to act in favour of Iran, the authorities of Tehran will remove the caps on uranium enrichment levels and resume work on the Arak nuclear facility.
Loss of patience
· Iran’s plans are very clear, and they put an end to long and laborious multilateral negotiations which put strict limits on Iran’s nuclear activities in return for lifting most international sanctions.
· Undoubtedly, Iran’s decision comes as an expression of loss of patience with a deal that is providing very few of the promised economic benefits.
· But by resuming its uranium enrichment operations, Iran could be taking a huge risk, putting at danger its diplomatic relations with Europe.
· Consequently, Iran might be economically isolated, but the message coming out from Russia is that Iran is not alone.
· The Russia has joined Iran to accuse the U.S. of retreating from the nuclear deal, while approving Iran’s rolling back of some of the terms of the deal due to pressure from the U.S.
· If we take a close look at the geostrategic situation of West Asia, Iran’s threat to violate the JCPOA is a very worrisome decision.
· But despite the sanctions, Iran continues to fund its proxies in the region, prepare missile tests and support the Syrian regime, although some European countries might continue encouraging a return to diplomatic management of the Iranian crisis.
Impacts on India
· Increase in trade between Iran and India especially with respect to Oil.
· Chabahar Port’s relevance will improve significantly.
· But the development of Iran’s nuclear pose a huge threat in West Asia.
