A senior Iranian trade official says Iran and India have finalized a draft agreement on preferential trade after five rounds of high-level talks.
Reza Seyyed Aghazadeh, from the Trade Promotion Organization of Iran (TPO), said that Iran was waiting for India’s approval on a list of goods that would give Iranian exporters some $1.5 billion worth of tariff cuts a year.
“We think this agreement would have a considerable influence on disciplined and well-organized trade between the two sides and would open up new doors to (exports of) Iranian goods,” said the official who heads TPO’s Asia and Oceania Office.
Figures by the Iranian government shows India was the fifth largest purchaser of Iranian goods in the first quarter of the current calendar year although exports to the country had amounted to only 3.2% of Iran’s total exports over the period.
India was sixth largest supplier of goods to Iran over the same quarter as it was responsible for just 2.5% of goods imported into Iran.