Defiant: ‘More Iran-India trade to boost ties’
Iran has agreed to receive part of its Indian oil revenues in rupees instead of dollars.
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.
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.