India keen to expand exports to Iran: Mathai

Published: 26th August 2012 12:24 AM  |   Last Updated: 26th August 2012 12:24 AM   |  A+A-


Notwithstanding US pressure on it to reduce engagements with Iran, India today said it would like to expand India's exports to Tehran and noted that bilateral trade relations have improved over the last few years.

Briefing reporters ahead of Prime Minister Manmohan Singh's visit to Tehran, Foreign Secretary Ranjan Mathai said that "in recent times the relationship has expanded to include cooperation in diverse fields like hydrocarbons, trade and economic matters, consultations on important international and regional issues, cultural and people-to-people contacts".

Giving details of current trade status between the two countries, Mathai said the total bilateral trade in 2011-12 was USD 15.9 billion, of which imports to India was USD 13.5 billion and exports from India around USD 2.5 billion.

"The balance of trade is still decisively in favour of Iran because of largescale oil purchases and the relatively small level of Indian exports," he said adding "we would certainly like to expand Indian exports to Iran".

On the issue of international sanctions against Iran, he said India has emphasised that it formally accepts only the sanctions which are implemented by the United Nations.

"But given the fact that there are a number of sanctions which have been introduced by other countries, there are problems which arise in terms of banking arrangements for trade, for shipping, insurance, and so on.

"So, these have had an impact on the level of the trade, particularly in the level of oil imports from Iran," he said.

Stay up to date on all the latest Business news with The New Indian Express App. Download now


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp