India for trade with Iran on items outside sanctions

India-Iran meetings coincided with Hillary pressing India to do more to cut oil imports from Iran.

Amid US pressure to cut oil imports from Iran,India today asked a visiting Iranian business delegation to focus on trade items which do not attract sanctions.

In a meeting with Commerce Secretary Rahul Khullar,a delegation of the Tehran Chamber of Commerce,Industry and Mines was told “Let us look at those products where there are no sanctions…”

Agricultural products,pharmaceuticals and medical equipment are outside the purview of both the UN and US/EU sanctions on Iran against its disputed nuclear programme.

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From their side,the Iranian business people complained that their companies were facing delays in registration. Also,an application for opening Parsian Bank in Mumbai was pending for long with the Reserve Bank.

The Tehran chamber will soon give a list of 100 items which Iran can import from India,an official said.

The 56-member business team,led by Tehran chamber’s President Yahya Al-Eshagh,also met members of the Federation of Indian Export Organisations (FIEO),headed by Rafeeq Ahmed. They will meet with members of Assocham and FICCI tomorrow. The team will leave for Mumbai on Wednesday.

The India-Iran business meetings coincided with US Secretary of State Hillary Clinton pressing India to do “even more” to cut its oil imports from Iran.

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While Clinton lauded India’s steps to cut Iranian oil imports,Iran is seeking opportunities in India to mitigate the impact of US sanctions.

Iran is India’s second largest oil supplier after Saudi Arabia.

“You(India) need oil and we need to sell and we need good cooperation… We will solve all difficulties. I think everything will be solved,” the Tehran chamber chief said.

As it is,India’s exports to Iran comprise mainly of agri items like basmati rice,tea,sugar and soyabean.

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