28 Mar 2024
Friday 29 November 2013 - 10:58
Story Code : 67926

Iranian chamber sees N-deal boosting trade with India

New Delhi, Nov 29, IRNA -- Following the nuclear deal that Tehran struck with the world powers early this week, Iranian industry is expecting the Indo-Iranian trade to see a quantum jump.
?The recent nuclear deal between Iran and the six world powers to curb Tehran?s nuclear program in exchange for limited sanctions? relief will have far-reaching impact on the Indian economy,? Tehran Chamber of Commerce, Industries, Mines and Agriculture president Yahya Ale-es-Hagh said in Mumbai, the business capital of India, today, the PTI reported.


Noting that India had to drastically cut its energy imports to comply with global sanctions targeting Iran?s financial and oil sectors, Ale-es-Hagh said that the nuclear deal will remove barriers on shipping insurance while ensuring imports of contracted volume of oil.

India is the fourth-largest oil importer and a major customer of Iran?s 1.7 million barrels per day of oil exports. Last year India imported 20 mbpd which is down to 11 mbpd this year.

The Tehran chamber also singed many MOUs with the city-based All-India Association of Industries, which said the bilateral trade will cross USD 30 billion by 2015 from USD 15 billion last year.

By IRNA

 

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