Iran, India trade triples after nuclear deal: Indian envoy

IRNA – The trade between Iran and India has tripled after the Iran signed the nuclear deal with the G5+1, said Indian ambassador to Iran.

Before the Joint Comprehensive Plan of Action (JCPOA), better known as the Iran nuclear deal, was signed in January 2015, the trade between Iran and India was $70m, but it has reached $227m since, said Saurabh Kumar in a meeting in Arvad Free Trade Zone on Tuesay evening.

‘Attempts must be made to develop better ties in economy and politics inasmuch as both countries are interested to do so.’

He added that visa waiver and improving the banking relations are among the solutions to strengthen economic and investment ties, which, due to the friendship between the two countries, are both practical.

Managing Director of Arvand Free Trade Zone said in the meeting, ‘Arvad FTZ, thanks to its good potentials, can facilitate the economic activities and create jobs.’

‘The FTZ can be a great support for countries that want to revive Iraq and Syria,’ he added.

Arvand free zone is located in the northwest of Persian Gulf with an area of 37400 hectares at the confluence of two rivers of Karun and Arvand. It shares borders with Iraq and Kuwait. The region has an advantage for having potentials such as road, rail, marine and air transportation. Arvand Free Zone covers cities of Abadan, Khorramshahr and Minou Island.