TEHRAN – The value of trade between Iran and India increased by 47 percent in the previous Iranian calendar year 1401 (ended on March 20), IRIB reported citing the data released by the Islamic Republic of Iran Customs Administration (IRICA).
Based on the mentioned data, the trade exchanges in the previous Iranian year, however, decreased 10 percent in terms of weight.
India imported $2.1 billion worth of goods from Iran in the mentioned year, climbing to the fifth place among the Islamic Republic’s top export destinations.
The Islamic Republic’s imports from India also increased 80 percent to stand at $2.8 billion in the period under review. India was the fourth top source of imports for Iran last year.
The total trade between the two countries amounted to $4.9 billion in the previous year.
In the year 1400, Iran imported about $1.5 billion of various goods from India and this country was the sixth top exporter to Iran.
During January-December 2022, India’s export to Iran also increased by 44 percent to stand at $1.847 billion, while the figure was $1.284 billion in 2021.
The trade between Iran and India reached $510 million in the first quarter of 2023, according to the data released by India’s Ministry of Commerce and Industry.
According to the report, agricultural products and especially rice had the largest share in India’s exports to Iran. Rice accounted for 63 percent of the total volume of exports, while fruits with $15 million, and tea with $10 million ranked second and third.
Back in June, Iran’s Trade Promotion Organization (TPO) hosted a conference on introducing the opportunities and capacities of presence in the Indian market.
The conference was attended by officials from the two sides including the ambassadors of the two countries, board members of the chambers of commerce of Iran and India, and more than 300 businessmen from both sides, the TPO portal reported.
The TPO Acting Head Mehdi Zeyghami, Iranian Ambassador to India Iraj Elahi, and India’s Ambassador to Tehran Rudra Gaurav Shresth were among the speakers at the conference.
Speaking at the opening ceremony of the event, Zeyghami pointed out that India is one of the main trade priorities for Iran, saying: “Considering the huge volume of India’s trade with the world, Iran has a small share, which should be increased.”
“Holding such conferences and workshops along with exchanging trade delegations can lead to the strengthening of business relations between the two countries and ultimately lead to the prosperity of trade,” he added.
Referring to the existing obstacles in the way of trade development with India, Zeyghami said: “Strict standards and high tariffs for Iranian agricultural products have caused these products to be smuggled to neighboring countries that have zero tariffs with India and then exported to India, which has caused damage to Iranian businessmen.”
Referring to TPO’s plan to revive idle trade agreements with other countries, the official said: “Free trade with Eurasia and preferential trade agreement with Indonesia have been concluded, and preferential trade agreements with other countries are being pursued, and we have the same seriousness regarding our preferential trade agreement with India.”
Further in the conference, Shresth referred to the history of cultural, political, and commercial relations between Iran and India and said: “We hope that holding such programs will lead to the development of commercial relations between the two countries.”
Pointing to the existing obstacles in the way of the expansion of trade relations between India and Iran, he said: “Solutions have been found to overcome the obstacles, especially in financial and banking issues.”
Original News : https://www.tehrantimes.com/news/487317/Iran-India-annual-trade-rises-47