Tehran, New Delhi Finalize Talks on Establishing Preferential Tariffs

IRAN NEWS ECONOMIC DESK

TEHRAN – India’s ambassador to Iran announced the finalization of bilateral talks on establishing preferential tariffs and financing the ordering of machinery needed at the Chahbahar port, which will be fully installed within the next one to two years.

Gaddam Dharmendra spoke with the head of Tehran Chamber of Commerce about the need to maintain the level of relations between the two countries and added that due to the sanctions, buying oil from Iran faced problems, while two Indian refineries completely were constructed to fit Iran’s oil type, the two refineries now operate at a low-profit trend.

He said that the goods such as rubber and spinning yarn are among the exportable goods of India to Iran, adding that the Iranian embassy in India could also present a list of Iranian goods available in the Indian market to the Indian merchants, the exchangeable goods on both sides to be specified.

Pointing out that the Chahbahar project was excluded from sanctions after the Indian foreign minister’s talk with the U.S. official, the Indian ambassador to Iran noted that the issue of bank transfers hindered the development of the project, but now orders for equipment and machinery have been reached and “we hope in one or two years, these machines to be installed in Chahbahar”.

He also urged Tehran Chamber of Commerce to encourage traders to take advantage of capacities of Chahbahar.

Dharmendra also said Pasargad Bank of Iran got license to open its branch in India six months ago but there is no sign of progress in bank’s performance for opening its branch.

Meanwhile in the meeting, chairman of Tehran Chamber of Commerce Masoud Khansari pointed to the halt in crude purchase by India due to the U.S. sanctions and called for finding other ways like barter in order to save the bilateral trade from coming to a halt.

Meanwhile on Monday, Tehran Chamber of Commerce held a forum for exploring ways to develop Iran-India trade relations.

During the forum, Indian envoy Dharmendra expressed his dissatisfaction over the current trade level between India and Iran, adding that India is working to resolve banking problems for economic activists of both countries.

He urged participant Iranian economic activists in the forum to study Indian market well in order to get providable goods for their country.

He also urged Iranians to export their products to India and then raised the issue of bartering goods and announced Indian Embassy’s readiness to provide Iranian traders with necessary information on trade regulations in India.