Iran, India Explore Ways to Launch Barter Mechanism for Trade

IRAN NEWS ECONOMIC DESK

TEHRAN – Tehran Chamber of Commerce and India’s PHD Chamber of Commerce and Industry (PHDCCI) in a webinar on Tuesday explored ways to develop bilateral trade between both states especially for improving banking cooperation.

The webinar which was held at Tehran Chamber of Commerce under banner of “Developing Economic Cooperation between Iran and India: Challenges and Opportunities” in presence of Head of Tehran Chamber of Commerce Masoud Khansari and Indian Ambassador to Tehran Gaddam Dharmendra.

During the webinar, officials from the state and private sectors of both countries in their speeches called for reinforcing the trade relation and raised some solutions for developing the ties, and later managers of companies and economic activists participating in the webinar exchanged their views for reaching trade agreements.

Indian Ambassador to Tehran Mr. Dharmendra, for his part, invited Indian companies and producers to visit Chabahar Port for getting familiar with the trade opportunities of this area, adding that Chabahar Port is very important for economic cooperation between both states and Indians can have access to the markets in northern Caspian Sea and Eastern Europe.

He also noted that Iranian exporters can have access to Indian ports via Chabahar Port to expand their economic activities.

Dharmendra also welcomed the proposal of Head of Tehran Chamber of Commerce for setting up joint companies, saying that with cooperation between chambers of commerce of both states and cooperation of their governments, both sides should launch a sustainable provision chain between both states.

Meanwhile President of PHD Chamber of Commerce and Industry Sanjay Aggarwal, addressing the webinar, referred to Iran as the second biggest energy supplier to India and announced the readiness of the chamber for finding developmental solutions for exchanges and economic cooperation between both states.

Head of Tehran Chamber of Commerce Mr. Khansari, addressing the webinar, called for the launch of a branch of India’s UCO Bank in Chabahar Port for continuation of the trade cooperation between both states.

He added that Chabahar can be a gateway for Iran and India’s exports to Eurasia, Afghanistan and other countries’ markets. He noted that using national currencies in trade, avoiding implementation of double tax law and acceleration in restoring preferential agreements between both states are of the major solutions for reinforcing economic cooperation between Iran and India.

Khansari blamed lack of a financial and banking channel between Iran and India as the main reason for slowdown in trade relations of both states, reiterating that using the bartering mechanism is a good way for developing commercial relation between both states. He also announced readiness of Tehran Chamber of Commerce for continuing talks with its counterpart in New Delhi and finding developmental ways in economic cooperation between Iran and India.

Iran’s Ambassador to New Delhi Ali Chegini, for his part, in this virtual event called the efforts of both countries for implementing the bilateral preferential trade agreement a big stride towards developing cooperation and noted that to this end, embassies of both countries will do their best.

He also said launching the mechanism for bartering goods between Iran and India is necessary, adding that economic ties will revive by launching branches of banks.