Trade ties with Iran to continue

India has decided to continue trade and economic relations with Iran even as the economic sanction from the US looms large.

By Our Special Correspondent
  • Published 8.09.18
  •  

New Delhi: India has decided to continue trade and economic relations with Iran even as the economic sanction from the US looms large.

After his meeting with visiting Iranian roads and urban development minister Abbas Akhoundi, commerce minister Suresh Prabhu on Friday said the country would continue with the trade ties.

Officials said the minister assured Iran on continuing strong economic ties as the two countries have a historical relationship and reiterated New Delhi's stand that it abides by UN sanctions only.

"Our discussions were centered on expanding bilateral ties between India and Iran beyond the energy and security sector," the minister said in a tweet.

Officials said during the meeting Prabhu stated that the ties between the two countries were independent of any other country and proposed that the two nations strive to double the bilateral trade in the next five years.

India's exports to Iran in 2017-18 stood at $3.37 billion, while its imports, mainly crude, were valued at $11.11 billion.

India has interests in Iran, in particular a commitment to build the port of Chabahar in the Gulf of Oman, seen as a gateway to Afghanistan. New Delhi is also keen to develop the Farzad B gasfield, which is estimated to hold 18.75 trillion cubic feet of in-place reserves.