Iran, India Found Joint Economic Committee

High-ranking officials from Iran and India set up a joint economic committee in a bid to stimulate bilateral trade and encourage the two countries’ merchants to make more investment.

The committee was inaugurated in a meeting in New Delhi, attended by Iran’s Minister of Economic Affairs and Finance Ali Tayyebnia and senior economic officials from India.

Speaking in the ceremony, the Iranian minister said stronger trade ties between Tehran and New Delhi will contribute to their economic growth.

With the membership of Iranian and Indian merchants and business people, the joint committee is aimed at boosting bilateral trade, Tayyebnia added.

He further expressed the hope that termination of anti-Iran sanctions under a July nuclear deal between Tehran and six world powers would double the volume of trade between Iran and India.

Dubbed the Joint Comprehensive Plan of Action (JCPOA), the nuclear deal between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) will terminate all nuclear-related sanctions imposed on Iran after coming into force.

Experts believe that Iran’s economic growth would rise remarkably after the deal takes effect.