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Prabhu proposes to double bilateral trade with Iran in next five years

Press Trust of India  |  New Delhi 

Commerce and Industry Friday proposed to double bilateral trade with in the next five years from the current level of USD 13.8 billion, an said.

The also said Prabhu's scheduled visit to on October 2 has been postponed for some reasons.

He was to attend the ministerial meeting of the International North South Transport Corridor.

Ways to boost trade and investment between the two countries were discussed during a meeting between Prabhu and Iranian of Road and Urban Development here.

The meeting assumes significance as the US has imposed sanctions on the country.

The US has also told and other countries to cut from to zero by November 4 or face sanctions.

After the meeting of the two ministers, Prabhu tweeted: "Our discussions were centered on expanding bilateral ties between and beyond the and security sector."

(FIEO) had recently said the government needs to look into the problems being faced by exporters shipping consignments to Iran in view of the US sanctions.

Iran is India's third-largest after and Iran supplied 18.4 million tonnes of between April 2017 and January 2018 (first 10 months of fiscal 2017-18).

Bilateral trade between and Iran increased to USD 13.8 billion in 2017-18 from USD 12.9 billion in the previous fiscal. However, India's exports goods worth only USD 2.65 billion to that country, while the imports stood at USD 11.11 billion.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, September 07 2018. 20:35 IST
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