The governments of India and Iran will start preferential trade agreement negotiations in August. While those will take years to complete they may fall afoul of renewed U.S. sanctions against Iran. India was Iran’s fourth largest trade counterparty in 2017 though Iran’s exports (74% of which were oil in the 12 months to March 31) outnumbered imports from India by 6.1x. The Indian government will be keen to diversify exports away from rice, which accounted for 39% of the total in the past 12 months. Areas of potential upside include cars / parts (5% of India’s global exports vs. just 0.3%...