Speaking in the conference on introducing opportunities and capacities of presence in the Indian market, Zeyghami said that India is one of the main priorities of Iran for broadening trade, adding that the approach of TPO has been the increase of exporting goods and technical and engineering services so that India has an important stand for Iran.

He first pointed to the cultural and historical commonalities and trade between the two countries, adding that the current government in Iran has positive approach for boosting relations with India and for this reason India is one of the priorities of the current government.

He went on to say that Iran’s trade with India has been favorable but sanctions have decreased this trade but last year bilateral trade was $5b. He noted that the total trade exchange of India with Iran in the first quarter of 2023 has been $510m, and the oil products, fruits and raw material for paint production have been the three major exporting of Iran to India. He added that rice, fruit and tea have been the major imports of Iran from India.

Zeyghami then stated that despite high potentials of both countries for broadening economic and trade relations, it is required Iranian traders to get acquainted with opportunities and capacities of this market and holding conferences can help a great deal for introducing this market.

He added that the trade balance in this period has been $188m in favor of India, noting that Iran in recent months has been complaining about the high negative trade balance with India and has called for making the bilateral trade balanced and 29% decrease in India’s exports to Iran in the first four months of 2023 has been because of this.

Zeyghami also urged Iranian traders to facilitate exports of dried fruits from Iran to India.

He reiterated that India has zero custom tariffs for come countries and it has led to the rise in smuggling of Iranian goods to India from other neighboring countries and expressed hope both sides can boost direct trade.

He said that Iran is determined to finalize preferential trade agreement with India and expressed hope it would be signed very soon.

Zeyghami then pointed to the banking and financial hurdles between the two countries, stating that some ways have been planned to broaden trade ties and PTO has on its agenda increasing the presence in the exhibitions in its target countries and it supports dispatch of trade delegation. He reiterated that without active presence of Iranian and Indian businessmen, broadening of ties is unimaginable.

Then Ambassador of India to Tehran Rudra Gaurav Shresth, for his part, said that India is working hard to reduce the banking problems despite sanctions, adding that by the way India is keen to increase its trade level with Iran in the non-sanctioned areas.

He then pointed to the importance of interactions between the private sectors of both countries, adding that accordingly economic activists of both countries are exchanged in the form of trade delegations to see broadening of ties.

He added that political problems of Afghanistan and India created challenges for export of dried fruits to India and it seems Iran can enter and have some share of dried fruits in India.

Shresth added that custom tariff of India for some countries is low, adding that this will be also solved for Iran and in terms of logistics, there are good capacity in Chabahar Port in different fields that it can restore trade ties with Indian ports.

Then Hadi Talebian Moghaddam, Head of TPO Indian Subcontinent Office, for his part, last year Iran’s exports to India was some $2.146b which showed 18% growth comparing to the preceding year.

He added that last year bilateral trade of Iran and India was $5b and because of high potentials it is necessary potentials of Indian market to be introduced to Iranians and holding such a conference will help it.

He said that India’s imports from Iran in the first quarter of 2023 grew 6% comparing to the same period in the preceding year which was $257 while India had imported $242b of goods in the first quarter of in the same period in the preceding year.

Talebian Moghaddam stated that despite exporting grounds for agro products some important and infrastructural trade issues can be in the trade between the two countries like preferential trade agreement, joint investment and developing infrastructures and Chabahar Port facilities for developing regional and international transit and transport.

Meanwhile Iran’s Ambassador to India Iraj Elahi, for his part, said that once the trade volume between the two countries was $18b which declined because of sanctions but fortunately it is bouncing back through some actions taken by both sides.

He said India is one of the top five trade partners of Iran and reiterated that Indian market is good for exporting Iranian goods in Asia and the world and close distance between the two countries has caused both sides to have more cooperation.

He reiterated Iran is in talks with India for issuing e-visa for Iranians and both sides are talking for holding their joint economic commission.

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TCCIM and India’s PHD Chamber of Commerce and Industry in a joint collaboration held the webinar on Investment and Trade Opportunities of Iran and India where some economic and industrial activists of both countries as well as senior officials of the TCCIMA and PHD and representatives of embassies of the two countries were present.

In the webinar, Head of TCCIM Mr. Masoud Khansari said that holding such events bespeaks of interests of the private sectors of both countries for broadening the bilateral trade and economic relations and noted that some challenges and problems exist in the trade ties of Iran and India which has intensified in recent years.

He reiterated that the current trade condition of Iran and India requires efforts of both sides for achieving solutions and strategies for easing bilateral trade. He went on to say that the main and important problem in broadening the trade ties is transfer of money and problems because of lack of banking relations, adding that so far several rounds of talks have been held between the two countries for establishing branch of bank as well as exchange through a mechanism by using Indian national currency rupee but unfortunately they have been in vain.

Khansari went on to say that the two countries need to launch a credit line for supporting the prioritized exporting sectors with an eye to minimize the bureaucratic complication of trade. He also said his second concern is failure in implementing the preferential trade agreement which has been signed between the two countries in 2019, adding that it is necessary for both sides to talk on changing the some items of goods on this agreement, noting that he know talks are underway but it should be accelerated.

He also said trade dispute is another issue which is the concern of the economic activists of the two countries and it is because of the weak trade contracts and called for holding a training workshop on preparing the trade contracts by the TCCIM and PHD to minimize the disputes or refer the disputes to the arbitration centers to resolve the differences very fast.

Khansari went on to say that Iran and India can diversify fields of their trade ties  by expanding it to the fields like petrochemical, chemicals, agriculture, auto, pharmaceuticals, machineries, IT and joint ventures. He said by containing the pandemic both countries should work hard to bring bilateral trade back to the level before the pandemic and invited head of PHD to lead a trade delegation to Tehran to get familiar with high trade and industrial capacities of the country and exchange views with economic activists of Iran’s private sectors.

Then Head of PHD Mr. Pradeep Multani, for his part, said that the pandemic has made difficult travel of Indian investors worldwide, adding that the ties between Iran and India for thousands of year has been continued due to the meaningful interactions and they have many cultural and traditional commonalities.

He said the trade volume between Iran and New Delhi was around $1.1b in 2021 and India’s exports to Iran included rice, tea, sugar, fresh fruit, medicines, artificial fibers, electric machineries, artificial jewelries, noting that in return India imported dried fruits, chemical and mineral materials, glass and glassware, precious stones and leather.

Multani went on to say that India’s joint investment in Iran between 1990 to March 2021 was $7.5b and major Indian companies like OVL, SR and Tata Steel are present in Iran, reiterating that huge gas and oil reserves as well as strategic location of Iran has turned it into an attractive destination for investment by Indians.

He then said choosing Iran by India as a gateway to the Central Asia and Afghanistan has had positive consequences for materializing the dream of Iran to become a trade and transit hub in the region and therefore industries of India and Iran should work together for boosting trade cooperation via joint investment and transfer of technology with taking a united approach.

The post Tehran, New Delhi Explore Ways for Boosting Bilateral Trade ties appeared first on Iran News Daily.

Head of Trade Promotion Organization of Iran (TPOI) Hamid Zadboum made the remarks in his meeting with the Indian Ambassador to Tehran Gaddam Dharmendra.

Expressing dissatisfaction with the decrease in trade between Iran and India, Zadboum said, “It is necessary for the negotiations of the preferential trade agreement for the exchange of commodity lists subject to the said agreement and the necessary measures to return petrochemical, industrial and steel goods to the basket of Iranian exports to India to enter the implementation phase immediately.”

“In this regard, it was agreed with the close cooperation of the Indian Embassy in Tehran, the negotiated issues to be implemented as soon as possible,” he added.

Referring to the date of the video conference of the head of the Trade Promotion Organization of Iran and his Indian counterpart, the Indian ambassador, for his part, stressed that this issue should be followed up and finalized through the embassy as soon as possible and within the next three weeks.

At the end of the meeting, the two sides stressed the two countries’ determination to develop and improve economic and trade relations.

Last week an official from Iran’s Ports and Maritime Organization says the organization is abiding by the Coronavirus National Task Force guidelines, adding that trade relations with India are continuing while observing the measures.

Hossein Abbasnejad, from Ports and Maritime Organization of Iran, said that since the outbreak of the Coronavirus, the Iranian ports have not stopped operating, adding that Iranian maritime activities and the activities of the ports have continued while observing necessary measures announced by the Coronavirus National Task Force.

The Iranian authority stressed that after the recent spread of the Covid-19 pandemic and the ongoing problems in India, the Ports and Maritime Organization is acting according to the decisions made by the Coronavirus National Task Force.

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Hossein Amir-Abdollahian met Indian Ambassador Gaddam Dharmendra and exchanged views on parliamentary cooperation and bilateral ties.

Pointing to the historic ties between Iran and India, Amir-Abdollahian emphasized the stance of India in Asia and also necessity for improving ties between the two states in different fields especially in the parliamentary relation. He also stated that Iran and India as two biggest civilizations in Asia enjoy a sustainable historic and old relation.

He underscored the significance of cooperation between Asian states as the 21st Century belongs to this continent, and reiterated that Iran’s relations with Beijing and Moscow are on the right track and emphasized significance of creating vigor in the old ties between Tehran and New Delhi.

Ami-Abdollahian noted that Iranians have good knowledge of Indians’ independence-seeking struggles, adding that efforts’ of the third party for influencing Iran-India ties are in vain.

Meanwhile Indian Ambassador for his part explained his country’s ties with the Islamic Republic of Iran and said the ties between the two countries enjoy strong bases and although it has not enjoyed growth for some while, relations between them have always remained normal and there is a positive prospect ahead of their ties.

Dharmendra also pointed to the independent role of both states in the international scenes and called for developing co-operations like in the field of parliament.

He noted that Iran and India have always had constructive and positive cooperation in the international communities like in the United Nations, the NAM and in the IPU, and they have enjoyed this capacity in resolving some international challenges like climate change, environment and the rule of laws in the international scene.

Then Amir-Abdollahian on behalf of Majlis Speaker Mohammad Baqer Qalibaf invited the  parliament speaker of India for an official visit to Tehran and announced all commissions and friendship groups of Iran’s Majlis for cooperation with their Indian counterparts.

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