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Commerce and Industry Minister of India, Suresh Prabhu Friday proposed to double bilateral trade with Iran in the next five years from the current level of $13.8 billion, an official said. The official announced that Prabhu’s scheduled visit to Tehran on October 2 has been postponed for some reasons. He was to attend the ministerial […]
Commerce and Industry Minister of India, Suresh Prabhu Friday proposed to double bilateral trade with Iran in the next five years from the current level of $13.8 billion, an official said.
The official announced that Prabhu’s scheduled visit to Tehran on October 2 has been postponed for some reasons. He was to attend the ministerial meeting of the International North South Transport Corridor.
Ways to boost trade and investment between the two countries were discussed during a meeting between Prabhu and Iranian Minister of Road and Urban Development Abbas Ahmad Akhoundi here.
The meeting assumes significance as the US has imposed sanctions on the Persian Gulf country. The US has also told India and other countries to cut oil imports from Iran to zero by November 4 or face sanctions.
After the meeting of the two ministers, Prabhu tweeted, “Our discussions were centered on expanding bilateral ties between India and Iran beyond the energy and security sector.”
Federation of Indian Export Organizations (FIEO) President, Ganesh Gupta had recently said the government needs to look into the problems being faced by exporters shipping consignments to Iran in view of the US sanctions.
Iran is India’s third-largest oil supplier after Iraq and Saudi Arabia. Iran supplied 18.4 million tonnes of crude oil between April 2017 and January 2018 (first 10 months of fiscal 2017-18).
Bilateral trade between India and Iran increased to $13.8 billion in 2017-18 from $12.9 billion in the previous fiscal. However, India’s exports goods worth only $2.65 billion to that country, while the imports stood at $11.11 billion, PTI reported.
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Iran exported 130,000 tons of eggs valued at more than $140 million to the target countries in the previous Iranian calendar year (ended on March 19), the deputy agriculture minister for livestock, and poultry affairs said.
Iran’s Minister of Transport and Urban Development has announced that the government plans to connect the Chabahar port in southeastern Iran to the country’s railway network through the city of Zahedan by the end of the current Iranian year ( late March 2025).
The Bank for International Settlements (BIS) put Iran’s total deposits with foreign banks and financial institutions at more than $13 billion.
Head of the Study, Monitoring and Market Development Office of the Central Organization of Rural Cooperatives of Iran says 21 metric tons of Iranian saffron worth $207,786,281 were directly exported to 55 countries in the Iranian calendar year ending in late March.
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