Mon Jul 18, 2011 | 22:57
$13bn: new record in Iran-India trade
Sat, 01 Nov 2008 14:00:49 GMT
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The trade volume between Iran and India has considerably increased.
Trade volume between Iran and India has reached almost $13 billion in 2007 after business between the two countries grew by 80 percent.

The Indian Embassy in Tehran said in a press release, "India exports goods worth US$ 1.937 billion to Iran and imports goods worth US$ 11.049 billion from Iran.”

“India's imports from Iran include crude oil and petroleum products worth US$ 10.06 billion and India's exports include petroleum products worth US$ 850 million,” the statement continued.

The press release added that Indian public and private sectors are increasingly interested in investing in Iran.

The embassy said that companies including Tatas, Essar, Oil & Natural Gas Corporation, and Gas Authority of India Limited are already active in the Iranian industrial sectors of oil and gas, mining, metallurgy and steel.

The Indian Minister for External Affairs, Pranab Mukherjee, is currently in Tehran on a 3-day visit. The minister's delegation includes senior officials from different government departments including the Ministry of External Affairs and the Ministry of Petroleum & Natural Gas.

According to media reports, New Delhi and Tehran will discuss the Iran-Pakistan-India (IPI) gas pipeline project. India delayed the project following pressure from the US in the build up to a nuclear deal between the two countries.

Iran hopes that the pipeline initiative can now progress as the US-India nuclear contract has been signed.

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