Iran eyes $30 bn trade with India

Iran’s Finance Minister Shamseddin Hosseini says the value of bilateral trade between the country and India could hit $30 billion over the next five years.

He made the remark at a the two-day meeting of the Sixteenth India-Iran Joint Commission which began in Indian capital, New Delhi, on Thursday.

The volume of trade between the two countries has increased to $15 billion from $9.3 billion three years ago, a Press TV correspondent in New Delhi reported.

After conclusion of the meeting on Friday, Iran and India are expected to sign a joint document to further enhance their cooperation in different spheres.

Earlier in July, Indian Foreign Secretary Nirupama Rao voiced concern over sanctions imposed against Iran over its nuclear program, saying such sanctions will restrict investment opportunities in Iran.

“We are justifiably concerned that the extraterritorial nature of certain unilateral sanctions recently imposed by individual countries, with their restrictions on investment by third countries in Iran’s energy sector, can have a direct and adverse impact on Indian companies and more importantly, on our energy security and our attempts to meet the development needs of our people,” she said.