LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
»
1-min read

Prabhu Proposes to Double Bilateral Trade with Iran Despite US Sanctions Cloud

US imposed sanctions on the Persian Gulf country and also told India and other countries to cut oil imports from Iran to zero by November 4 or face sanctions.

PTI

Updated:September 7, 2018, 9:09 PM IST
facebookTwittergoogleskypewhatsapp
Prabhu Proposes to Double Bilateral Trade with Iran Despite US Sanctions Cloud
File photo of Suresh Prabhu.
Loading...
New Delhi: Commerce and Industry Minister Suresh Prabhu Friday proposed to double bilateral trade with Iran in the next five years from the current level of $13.8 billion, an official said.

The official also said Prabhu's scheduled visit to Tehran on October 2 has been postponed for some reasons.

He was to attend the ministerial meeting of the International North South Transport Corridor.

Ways to boost trade and investment between the two countries were discussed during a meeting between Prabhu and Iranian Minister of Road and Urban Development Abbas Ahmad Akhoundi here.

The meeting assumes significance as the US has imposed sanctions on the Persian Gulf country. The US has also told India and other countries to cut oil imports from Iran to zero by November 4 or face sanctions.

After the meeting of the two ministers, Prabhu tweeted: "Our discussions were centered on expanding bilateral ties between India and Iran beyond the energy and security sector."

Federation of Indian Export Organisations (FIEO) President Ganesh Gupta had recently said the government needs to look into the problems being faced by exporters shipping consignments to Iran in view of the US sanctions.

Iran is India's third-largest oil supplier after Iraq and Saudi Arabia. Iran supplied 18.4 million tonnes of crude oil between April 2017 and January 2018 (first 10 months of fiscal 2017-18).

Bilateral trade between India and Iran increased to $13.8 billion in 2017-18 from $12.9 billion in the previous fiscal. However, India's exports goods worth only $2.65 billion to that country, while the imports stood at $11.11 billion.

Catch the Biggest Newsmakers and the Biggest Newsbreaks on CNN-News18, your favourite English TV news channel. Keep watching CNN-News18 at just 50 Paise per Month. Contact your cable /DTH operator Now!
*Rental / capacity fee of Rs.130/- as charged by cable / DTH operator may apply. **GST extra.

| Edited by: Padmaja Venkataraman
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Sun Pharma 430.65 2.79
Reliance 1,232.65 -0.20
Yes Bank 197.80 2.91
ICICI Prudentia 304.70 -11.68
Mindtree 911.00 -1.10
Company Price Change %Gain
Sun Pharma 430.75 3.04
Ratnamani Metal 841.00 -8.03
Hathway Cable 31.60 2.76
Yes Bank 197.75 2.94
Bombay Burmah 1,217.60 -0.23
Top Gainers
Company Price Change %Gain
Yes Bank 197.80 2.91
Sun Pharma 430.70 2.80
Zee Entertain 436.35 2.61
Wipro 354.00 2.16
Tata Steel 465.25 1.91
Company Price Change %Gain
Yes Bank 197.75 2.94
Sun Pharma 430.75 3.04
Tata Steel 465.10 1.82
HUL 1,775.00 1.43
Bajaj Finance 2,640.00 0.89
Top Losers
Company Price Change %Gain
Grasim 784.30 -2.49
Indiabulls Hsg 783.15 -1.78
Infosys 732.85 -1.68
ITC 285.55 -1.45
NTPC 141.05 -1.23
Company Price Change %Gain
Infosys 733.50 -1.46
ITC 285.75 -1.38
NTPC 140.95 -1.30
M&M 699.40 -1.22
HDFC 1,960.40 -1.12

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results