News ID: 240819
Published: 0930 GMT April 01, 2019

Iran, India discuss boosting trade ties

Iran, India discuss boosting trade ties

A seven-member parliamentary delegation from Iran met with Indian officials in Mumbai on Saturday, discussing ways to improve bilateral ties.

Headed by MP Hamidreza Fouladgar, from the constituency of Isfahan, the delegation explored ways to increase bilateral trades, including expanding banking channels, between Iran and India, Mehr News Agency reported.

“Only one bank (UCO Bank) has business relationship with Iran. We need to expand that,” Fouladgar was quoted as saying by Indian business newspaper The Hindu.

“There is need to sign free trade agreements with India to reduce customs and tariffs on both sides to improve bilateral trade,” he added.

“The volume of trade between Iran and India stands between $10 billion and $13 billion, which has tremendous potential for improvement.”

Early this year, India took over operations of the strategic Chabahar in Iran opening a new strategic route connecting Iran, India, and Afghanistan, bypassing Pakistan.

“The Chabahar Port will be helpful for India to access central and west Asia. With Chabahar Port, India and Iran can start luxury ships for tourism, which will take 72 hours. It’s a very inexpensive route compared to [doing it by air]. Chabahar is connected to Tehran through rail. There is a plan to introduce a special tourist train throughout Iran,” Fouladgar added.


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