Iran, India to boost economic ties.

Iran plans to boost economic ties with neighbouring India, Head of Tehran's Chamber of Commerce Yahya Al-e Es'haq said on Wednesday.

"New Delhi is one of the most important trading partners of Tehran," the IRIB News Agency reported.

He went on to note that during the recent visit of an Indian delegation, the two sides negotiated possible ways to boost bilateral relations.

"We've reached agreement with the Indian business people to boost ties in the steel industry," Al-e-Es'haq said.
The two sides are expected to exchange business delegations in the near future.

India is among Asia's major importers of energy and relies on the Islamic Republic of Iran to meet a portion of its energy demands, Press TV reported.

Iranian Oil Minister Bijan Namdar Zanganeh said on September 1 that there are appropriate grounds for further cooperation between Iran and India in the oil and gas sector.

At the beginning of 2012, the United States and the European Union imposed new sanctions on Iran's oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

In June this year, India won a 180-day waiver from US sanctions targeting oil trade with Iran.

India's crude oil imports from Iran increased by 21.1 per cent in June 2013 compared to a year earlier.

Source : en.trend.az