Iranian official says trade with India could reach USD16B
(MENAFN) Indian Ambassador to Iran, Rudra Gaurav Shresth, highlighted the substantial trade potential between Iran and India, suggesting that trade volumes could reach USD16 billion if not constrained by sanctions, currently standing at a modest USD2 billion.
Ambassador Shresth conveyed these remarks during a visit to the Iran Chamber of Commerce headquarters in Tehran, where he engaged with Iranian business leaders. Ebrahim Jamili, Head of the Iran-India Joint Chamber of Commerce, echoed the sentiment, emphasizing the importance of the Indian market and advocating for streamlined joint investment opportunities.
Jamili emphasized the need for efficient financial mechanisms, urging the central banks of both nations to expedite the transfer processes for Indian rupees and Iranian rials. He assured that the joint chamber of commerce would actively work to mitigate trade barriers between Iran and India.
Addressing the meeting, Ambassador Shresth underscored the complementary nature of the economies of Iran and India. He noted that while sanctions have significantly impacted Iran's oil exports to India, which previously amounted to USD11 billion annually before 2018, opportunities remain in other sectors of bilateral trade.
The ambassador emphasized the importance of focusing on non-sanctioned items such as agricultural products, pharmaceuticals, and food items to enhance bilateral economic ties. He stressed the mutual benefit of diversifying trade beyond energy resources, signaling potential avenues for future cooperation.
Despite current challenges, both Iranian and Indian stakeholders continue to explore avenues to strengthen economic relations, underscoring resilience and strategic cooperation amidst geopolitical dynamics.
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