India Keen to Broaden Trade Ties with Iran

India plans to increase the volume of its trade transactions with Iran in the current year, a senior Indian trade official said.

“India has taken many initiatives to expand its sales to the Islamic Republic,” Director General of the Federation of the Indian Exports Organization Ajai Sahai said on Saturday.

Sahai’s remarks came a week after US Secretary of State John Kerry announced a 180-day exemption from Washington’s sanctions on Iran for nine countries, including India, China, Malaysia, South Korea, Singapore, South Africa, Sri Lanka, Turkey and Taiwan.

Sahai noted that India is willing to increase the volume of its exports to Iran to about $6bln in the current year.

Iran and India which have deep historical and cultural relations are now seeking to further expand political and economic ties.

India, the world’s fourth-largest petroleum consumer, is Iran’s second largest oil customer after China and purchases around $12bln worth of Iranian crude every year, about 12 percent of its consumption.

India and Iran have been holding discussions at regular intervals on issues related to economic cooperation under the joint commission mechanism, which was established in July 1983.

The meeting of the Joint India-Iran Commission provided an opportunity to review bilateral economic and cultural cooperation.