Azerbaijan, Baku, May 20 /Trend F.Milad/
India has fully paid its oil debts to Iran as a result of adopting proper financial policies by the two sides, said Iranian ambassador to India Mehdi Nabizadeh.
He told the IRNA News Agency that despite the pressure of the West to curb Iran's trade and economic ties and punish the country for its nuclear program, statistics show that Iran's trade turnover has increased, indicating that the country has established strong links with other countries.
India has said a new rial-rupee payment arrangement has been put in place for bilateral trade with Iran.
The problem with Iran began after the Reserve Bank of India, in December 2010, withdrew the Asian Clearing Union (ACU) mechanism under which payments were made to Iran.
"The rial-rupee payment arrangement has been put in place for bilateral trade between India and Iran," the Indian Minister of State for Commerce and Industry Jyotiraditya Scindia said on May 16.
Iran imports goods like textiles and agricultural products from India which relies on Tehran for 12 percent of its total crude oil imports.
The two sides have agreed to increase their trade balance to $25 billion and to boost the level of non-oil trade from the current $4 billion to $10 billion. The current trade balance between Tehran and New Delhi stands at $14 billion.