India likely to Double its Trade with Iran Amidst US Sanctions
Recently, India’s Commerce and Industry Minister Mr. Suresh Prabhu proposed to increase the bilateral trade between India and Iran by 100% in the next five years
Iran, one of the largest crude steel producer in MENA is currently facing US Sanctions, owing to which the export and import of steel has been adversely affected. Many trade ally of Iran has suspended their trade with Iran which is fatally affecting the Iranian economy.
Against all odds, India has continued its trade with Iran. It is to be noted that India is one of the largest exporter of Ferro alloys to Iran. Iran imported 91,165 MT of Ferro alloys from India during the last Persian year (21 Mar’17-20 Mar’18).
Recently, India’s Commerce and Industry Minister Mr. Suresh Prabhu proposed to increase the bilateral trade among the both countries by 100% in the next five years. Speaking about non trade between the countries, Mr Prabhu said “Our discussions were centered on expanding bilateral ties between India and Iran beyond the energy and security sectors.”
It is to be noted that apart from ferro alloys, Iran also import graphite electrode from India.
ran imported around 10,000 MT in CY’17. Iran has already imported 11,000 MT GE from India till Jul’18. It is expected that if the proposal gets approved then along with crude oil, non-oil trade will boost specially Ferro alloys and GE.
Iran Likely to Hand over strategic Chabahar Port to Indian Company
Iranian Minister of Roads and Urban Development Abbas Akhoundi said “Iran would hand over the strategic Chabahar Port to an Indian company within a month for operation, as per the agreement.”
Chabahar Port is being considered as a gateway of trade by India, Iran and Afghanistan with Central Asian countries.
source: SteelMint
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