Sri Lanka on Wednesday said it will begin discussions on trade and petroleum sales with Iran next month as economic sanctions against Tehran have been lifted.
A high level delegation from Iran will arrive here in February as the country looks to re-commence petroleum and petrochemical sales to Colombo, Xinhua news agency reported.
"We are entering the post sanction era, it is time to upgrade our bilateral relations, including economic relations," said the new Iranian Ambassador to Sri Lanka, Mohammed Zaeri Amirani.
According to Sri Lanka's commerce department, bilateral trade between the two countries surpassed $1 billion in 2011 and 2012.
Trade declined thereafter due to unconditional decrease of imports from Iran. As a result, last year's bilateral trade stood at $188 million.
"Iran is looking to supply medicine, medical equipment, agricultural machinery such as tractors, fertilizer, bitumen, and petrochemicals to Sri Lanka," the ambassador said.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app