BAKU, Azerbaijan, Jan. 18
By Elnur Baghishov - Trend:
The trade turnover between Iran and India has declined following the recent incidents in the region, deputy chairman of the Iran-India Joint Chamber of Commerce Parham Rzai said.
“The trade turnover of oil and non-oil products between Iran and India has reached $12-15 billion a year,” Rzai added, Trend reports to ILNA.
Rzai added that $10-12 billion of that amount accounts for the oil sector while the rest -for the non-oil sector.
"Iran imports rice, tea, medicines and equipment from India," the deputy chairman said.
The establishment of a joint bank in India may solve many problems in trade sector and currency transfer.
The US sanctions against Iran in November 2018 caused a number of problems in Iran's foreign trade.
Iran exported the products worth $27.4 billion to China, Iraq, UAE, Turkey and Afghanistan while imported the products worth $28.3 billion from China, UAE, Turkey, India and Germany during eight months of this Iranian year (from March 21 through November 21, 2019).