Iran Nuclear Deal

JCPOA which us called Joint Comprehensive Plan of Action is commonly known as Iran Nuclear deal. Iran Nuclear deal was signed on 14 July,2015 between Iran and P5+1 countries that are US,UK,Russia, China, France and Germany. As per this deal, Iran agreed not to build any heavy water facilities, eliminate its stockpile of Uranium and reduce the number of gas centrifuges. In return, Iran will be free of sanctions.

Earlier Iran was hit with UN,US and European Union sanctions that costed Iran tens of billions of Pounds a year. Billions in overseas assets were also frozen. To recover from such condition, Iran agreed to the deal.

Recently President Donald Trump pulled US out of the Nuclear deal and re-imposed the sanctions on Iran. US advised other countries to cut down their trade with Iran and come to the "Zero" trade condition with Iran. US gave some waiver time to 8 countries including India and China to cut down their trade progressively. This waiver time given to us ended on 2 May,2019.

Two most important affects on India:
1. Oil Prices: Iran is India's third big oil supplier. Cutting down supplies from Iran will increase the oil prices and also India will have to search for another alternative to fulfill the energy needs.

2. Chabahar Port: India is developing port in Chabahar which will able India to connect to Central Asia and Afghanistan without passing through Pakistan. US sanctions could slow down or even stop those plans.

3.International North South Transport Corridor(INSTC): India is the founder of International North South Transport Corridor also known as INSTC since its problem solved im earlier 2002. It is a 7200km multi mode network which starts from Iran. It helps in cutting down time taken by the trade through some countries by approx about 30%. It will also help in cutting down costs. US sanctions against Iran are going to affect INSTC plan immediately if the country through which it passes agress with the US sanctions.

4.Shanghai Corporation Organisation: Last year, India joined the Shanghai Corporation Organisation along with Pakistan. This year officials from China says that they will most probably think of inducting Iran in the Shanghai Corporation Organisation.

Some other concerns:
1. Iran can make USA's work difficult in Afghanistan.
2. USA's deal with Russia and North Korea will be impacted as its commitment to international organisations and countries will be under question.
3. Decisions like this diminishes US credibility on international platform.