TEHRAN: Boosting exports from India to Iran would not only help the trade balance but also deepen ties between the two countries, a major Indian delegation said on Saturday. The delegation of around 70 government and corporate representatives is exploring what India sees as “huge” potential in increasing sales to Iran at a time when the Islamic republic is being cut off from other markets because of Western sanctions. India – which buys $14 billion worth of oil from Iran per year, but sells just $2.7 billion of goods to the republic – refuses to go along with the US-led sanctions. Iran has agreed to receive part of its Indian oil revenues in rupees instead of dollars; widening the scope for buying more Indian goods.
Published in The Express Tribune, March 11th, 2012.