Tuesday, June 18, 2024

Expert: Lifting sanctions can revitalize Iran-India trade ties

A top Indian political-economic analyst says trade relations between Iran and India were hit hard by US-led sanctions, saying removal of the so-called punitive measures against the Islamic Republic over its nuclear standoff can improve ties between Tehran and New Delhi.

The director of the Indian Institute of Foreign Trade, Manoj Pant, told Iran’s Labor News Agency (ILNA) that trade ties between Iran and India experienced a 56 percent drop in 2022 compared to the $2.1-billion trade volume in 2018 when the US withdrew from a nuclear agreement with Iran, known as the Joint Comprehensive Plan of Action (JCPOA).

Pant said Iran’s oil comprised a major chunk of trade ties between the two countries, but added Iran’s transit routes played a pivotal role for India’s exports to Russia.

He expressed optimism that salvaging the nuclear accord can facilitate financial transactions between Iran and India, an indispensable part of their bilateral ties.

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