Press Information Bureau

Government of India

Ministry of Commerce & Industry

19-March-2012 16:55 IST

Exports to Iran

India has recently announced its strategy for doubling exports by 2014. As such there is a big focus on widening the trading partners and increasing exports across the globe. Amongst other regions, west Asia is also focused as an important market. Presently, there is huge trade deficit in the balance of payment with Iran, hence steps are being taken to increase bilateral trade with Iran.

Iran is an important trading partner of India and there are good business opportunities in sectors like food items, pharmaceuticals, medical equipment etc. Federation of Indian Exporters Organization (FIEO) has organized a visit of high level business delegation to Iran from 10-15 March 2012 to explore business cooperation to enhance Indian export to Iran (non-sanctioned items) so as to reduce the bilateral trade deficit.

(e) No agreement has yet been finalized with regard to para 1 and 2 above.

This information was given by Minister of State for Commerce and Industry, Shri Jyotiraditya M. Scindia in a written reply to a question raised in Lok Sabha today.

DS/GK

Trade with Iran: efforts to boost non sanctioned exports and explore business cooperation through targeted delegation visits. India's export expansion strategy targets West Asia to reduce the bilateral trade deficit with Iran by promoting sectors such as food items, pharmaceuticals and medical equipment. The Federation of Indian Exporters Organization organised a high-level business delegation to Iran to explore commercial cooperation for non-sanctioned items, but no formal agreements have been finalised; the Minister of State for Commerce and Industry reported this in a written parliamentary reply.