Iran-India Trade Exchanges Hit $5 Billion in 2022: TPOI

Iran-India Trade Exchanges Hit $5 Billion in 2022: TPOI

TEHRAN (Tasnim) – The value of trade exchanges between Iran and India reached $5 billion in 2022, the caretaker of the Trade Promotion Organization of Iran (TPOI) said.

Since the import tariff rate of some products to India is minimized to zero level for some countries, these countries buy Iranian goods and export them to India with their brand, Mehdi Zeyghami added.

Speaking at a conference on introducing opportunities and capacities of participating in India’s market, he pointed to his recent meeting with the Indian envoy to Tehran and emphasized that the development of relations with neighboring and regional countries is the main approach of the administration of President Ebrahim Raisi, FARS news agency reported.

India is one of Iran’s priorities in the development of trade and economic ties, the deputy industry minister noted.

Increasing the export of commodity groups and focusing on the export of technical and engineering services are the main approaches taken by the TPOI in line with boosting trade relations with India, Zeyghami underlined.

The volume of trade exchanges between Iran and India slumped in recent years due to the sanctions imposed by the US government against Iran, he said, but noted that Iran and India have braced for an increasing volume of bilateral trade.

The deputy industry minister put the value of trade exchanged between the two countries in 2022 at $5 billion.

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