India seeking to double bilateral trade with Iran within 5 years

September 9, 2018

TEHRAN - Indian Commerce and Industry Minister Suresh Prabhu has proposed on Friday to double bilateral trade with Iran in the next five years, Economic Times reported quoting an official.

According to the Indian agency, the decision has been discussed during a meeting between Prabhu and Iranian Minister of Road and Urban Development Abbas Akhoundi in New Delhi.

"Our discussions were centered on expanding bilateral ties between India and Iran beyond the energy and security sector." Prabhu tweeted after meeting with Akhoundi.

Prabhu was due to visit Tehran on October 2 to attend the ministerial meeting of the International North South Transport Corridor but apparently the visit has been postponed for some reasons.

India’s decision comes at the time when the U.S. has imposed sanctions on the Persian Gulf country and is also trying to convince India and other countries to cut oil imports from Iran to zero by November 4 or face sanctions.

Iran is India's third-largest oil supplier after Iraq and Saudi Arabia. The two countries current level of trade stands at $13.8 billion. India exports $2.65 billion worth of goods to Iran, while the imports from the Islamic Republic stand at $11.11 billion.

EF/MA

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