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India seeks trade with Iran on items outside UN sanctions
Publication Date : 08-05-2012
Amidst US pressure to cut oil imports from Iran, India today asked a visiting Iranian business delegation to focus on trade items which do not attract sanctions.
In a meeting with commerce secretary Rahul Khullar, a delegation of the Tehran Chamber of Commerce, Industry and Mines was told: “Let us look at those products where there are no sanctions....”
Agricultural products, pharmaceuticals and medical equipment are outside the purview of both the UN and US/EU sanctions on Iran against its disputed nuclear programme.
From their side, the Iranian business persons complained that their companies were facing delay in registration. Also, an application for opening Parsian Bank in Mumbai is pending for long with the Reserve Bank of India.
The Tehran chamber will soon give a list of 100 items which Iran can import from India, an official said.
The 56-member business team, led by Tehran chamber's president Yahya Al-Eshagh, also met members of the Federation of Indian Export Organisations (Fieo), headed by Rafeeq Ahmed. They will meet members of Assocham and Ficci tomorrow. The team will leave for Mumbai on Wednesday.
Meanwhile, the Federation of Indian Exports Organisations (Fieo) today said with the opening up of rupee route to Iran and resolving of issues relating to payment mechanism, there exists a huge opportunity for India-Iran trade.
"Following the discussion with Iran, 80 per cent of the problem has been solved,” Fieo president Rafeeq Ahmed told reporters at a meeting here with the Forum of Financial Writers.
"There is a huge demand for Indian agri products and pharmaceuticals in Iran. We need to focus on that market. It would also help in bridging India’s ballooning trade deficit,” Ahmed said. India and Iran are looking at a bilateral trade of US$25 billion in the next four years from the current level of $15 billion, Ahmed added. - With reports from PTI