India today emphasised to Iran the need for early completion of all necessary procedures for its participation in the USD five billion Farzad-B gas field.
External Affairs Minister Sushma Swaraj and Iranian Minister for Economic Affairs and Finance Ali Taiebnia who co-chaired the Joint Commission Meeting also reviewed the progress in trade and economic cooperation and a number of related matters, and discussed the possibilities in cooperation in Railways among other areas.
The Iranian side suggested participation of India's public and private sectors in development of Chabahar Port and Chabahar Free Trade Zone (FTZ) and in setting up an industrial units in the FTZ.
Swaraj said Chabahar port will facilitate linking Afghanistan and Central Asia with India which will result in enhanced trade and commerce.
Road Transport and Highways Minister Nitin Gadkari had visited Tehran in May, and both the nations had inked a pact to develop the Chabahar port.
Earlier, Taiebnia called on Prime Minister Narendra Modi who recalled his meeting with Iranian President Hassan Rouhani in Ufa in July on the sidelines of Shanghai Cooperation Organisation (SCO) summit and reiterated the keen desire of India to expand economic cooperation with Iran.
In the Joint Commission meeting, Swaraj and Taiebnia reviewed the progress in trade and economic cooperation and related issues, besides discussing possibilities of cooperation in railways sector, including in supply of rails, rolling stocks, signalling and other works.
They discussed India's participation in Chahahar - Zahedan -Mashhad railway line also.
Swaraj mentioned that India considers Iran as an important partner and expressed satisfaction at the growing bilateral interaction in diverse area.
She referred to ongoing efforts to enhance bilateral economic cooperation in diverse areas including energy, shipping, ports and railways.
"The External Affairs Minister emphasised the need for early completion of all necessary procedures for India's participation in Farzad-B field and pointed out India's desire to participate in other oil and gas explorations in Iran as well," the MEA said.