Azerbaijan , Baku, Feb. 24 / Trend, A.Yusifzade /
The trade turnover between India and Iran amount to $14 billion, Iranian Finance and Economic Affairs Minister Seyyed Shamseddin Hosseini said during a meeting with Indian Prime Minister Manmohan Singh on Thursday, IRNA reported.
The Iran-India bilateral trade has increased in recent years, totaling $14 billion in 2010, a $1.4 billion increase over the previous year's figure.
Iranian hydrocarbon exports to India constitute most of this trade. India has sought to buy oil and gas from Iran to help feed its energy needs, generated by the country's rapid development.
India 's cooperation with the United States, however, has slowed the development of relations with the Islamic Republic, particularly as the US and Iran have clashed over the nuclear enrichment activities.
On 25 October 2010, the European Council adopted a wide-ranging package of sanctions on Iran, with prohibitions affecting the energy, insurance, transport and financial sectors.
The sanctions are set out in Council Regulation 961/2010(1) ("the EU Regulation") which came into force on 27 October 2010.
The EU Regulation follows the Council Decision of 26 July 2010 and the UN Security Council Resolution 1929 of 9 June 2010, as well as United States Comprehensive Iran
Sanctions and other sanctions regimes adopted by other countries.
The EU sanctions are considerably broader and more severe than those imposed by the UN, which were focused on preventing the sale and supply of goods used in
nuclear production and missile development to Iran.