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.