Insta
India-Iran Bilateral Trade To Be Doubled Within Next Five Years, Says Suresh Prabhu
Swarajya Staff
Sep 08, 2018, 02:41 PM | Updated 02:41 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Suresh Prabhu the Commerce and Industry Minister on Friday (7 September) pitched to double the bilateral trade with Iran within the next five years from the current number of $13.8 billion reports Energy Infra Post.
Strategies to boost trade and investment between the two countries were discussed during a meeting between Suresh Prabhu and Iranian Minister of Road and Urban Development Abbas Ahmad Akhoundi.
The meeting is crucial to both nations as the US has recently imposed sanctions on Iran. The US has urged India and other countries to cut oil imports from Iran to zero by 4 November or face sanctions.
Following the meeting between the two ministers, Prabhu tweeted that "Our discussions were centered on expanding bilateral ties between India and Iran beyond the energy and security sector."
Had a meeting with H.E. Mr Abbas Ahmad Akhoundi, Hon'ble Minister of Road & Urban Development, Iran, along with his delegation today. Our discussions were centered on expanding bilateral ties between India and Iran beyond the energy and security sector. pic.twitter.com/mYdfzWuR6i
— Suresh Prabhu (@sureshpprabhu) September 7, 2018
Iran is India's third-largest oil supplier behind Iraq and Saudi Arabia. Bilateral trade between India and India grew to $13.8 billion in 2017-18 from $12.9 billion in the previous fiscal. However, India's exports goods were worth only $2.65 billion, while the imports stood at $11.11 billion.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.