Suresh Prabhu proposes to double bilateral trade with Iran in next five years

By: |
New Delhi | September 07, 2018 8:57 PM

Commerce and Industry Minister Suresh Prabhu Friday proposed to double bilateral trade with Iran in the next five years from the current level of USD 13.8 billion, an official said.

Commerce and Industry Minister Suresh Prabhu (PTI)

Commerce and Industry Minister Suresh Prabhu Friday proposed to double bilateral trade with Iran in the next five years from the current level of USD 13.8 billion, an official said. The official also said 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 Organisations (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 USD 13.8 billion in 2017-18 from USD 12.9 billion in the previous fiscal. However, India’s exports goods worth only USD 2.65 billion to that country, while the imports stood at USD 11.11 billion.

Do you know What is India expected to grow 10 pc during current fiscal: NCAER Director General Poonam Gupt,FinMin releases Rs 9,871 cr grant to 17 state, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Centre releases full Rs 1.59 lakh cr to states this fiscal as back-to-back loan to compensate for GST shortfall
2Let rupee gain to contain imported inflation, boost exports: Report
3Most sectors of economy on way to reach pre-pandemic levels, surpass them: NCAER