New trade opportunities have opened up for India in Iran, in the wake of recent American and European recently anctions on Iran, The Economic Times reports. There is potential for India to boost its trade with Iran, by tapping into those sectors which would be affected by these sanctions. A large delegation of Indian businessmen and government officials will visit Iran soon, to study business opportunities.
‘We will be mounting a mission to Iran at the end of the month (February 2012) to promote our own exports. A huge delegation will be going,’ Rahul Khullar, Commerce Secretary, announced recently. He stated that huge export opportunities are available in sectors like food (including tea, wheat and rice), pharmaceuticals, iron and steel, and infrastructure projects.
India has maintained that it will follow only those sanctions which have been imposed by the United Nations, and not those by individual countries. ‘If Europe and the US want to stop exports to Iran, why should I (India) follow suit. Why shouldn't we tap that opportunity?’, the article quoted an unnamed source as saying.
Trade between India and Iran is worth about $13.6bn, of which Indian exports are just $2.74bn. Oil is the main item of trade between the two countries.