Tehran, Iran, Oct. 25
By Mehdi Sepahvand – Trend:
The Iranian Cabinet of Ministers has authorized the Ministry of Industry, Mine and Trade to hold talks and sign a memorandum of understanding with India on preferential trade agreement.
Iran’s First Vice President Es’haq Jahangiri pronounced the decision to the Ministry of Industry as well as Ministry of Foreign Affairs, the president’s official website reported October 25.
India in June made amendment to its foreign trade policy lifting a ban on trade with Iran.
“The prohibition on direct or indirect export to Iran or import from Iran of specified items is lifted,” the Indian government announced then.
However, the imports and exports to or from Iran are still subject to the UN Security Council Resolutions, the notification said.
The decision came following the implementation of the Joint Comprehensive Plan of Action (JCPOA) January 16 under which most of Western sanctions on the Islamic Republic were lifted.
India is the second largest customer of Iran’s oil and the fifth major importer of the Islamic Republic’s goods.
The volume of India’s imports from Iran in spring formed 7.5 percent of the non-oil exports of the Islamic Republic, indicating a 6.5-percent growth year-on-year.