Ali Chegeni said that Iran and India hope a preferential trade agreement (PTA) could be sealed by the end of this year to make trade between the two "cheaper and simpler," Press TV reported.
Speaking at a meeting with Indian businessmen hosted by PHDCCI, India’s top trade body, Chegeni said that a fifth round of talks between the representatives of Iran and India is planned to take place in New Delhi to allow the two sides to complete “very few formalities” ahead of the signing of the PTA deal.
The ambassador, however, said that a proposed bilateral investment protection agreement (BIPA) between Iran and India would take a little longer to be finalized while a Double Taxation Avoidance Agreement (DTAA) would be ready to be implemented once the Iranian government and parliament approve the agreement.
Iran and India have established a financial mechanism to settle trade payments in local currencies. That has been a major help to companies and businesses trying to circumvent the sanctions.