India: Monetary Transactions Between Iran-India To Be Facilitated

Tabriz, March 13, IRNA – India’s Ambassador to Tehran H.E. D.P. Srivastava said here Monday that monetary transactions between Iran and India would be made easier following achieved agreements between Iranian bank of Parsian and India’s UCO Bank. The Indian ambassador made the remark at the joint economic session between a visiting economic delegation of India and the economic activists of Iran’s East Azarbaijan Province in Tabriz, adding, “The two countries’ banking officials have agreed that 45% of the price of the Iranian oil exported to India would be paid in Indian rupees to Iran.” He said that the decision is aimed at decreasing the trade expenses and the problems associated in monetary transactions between the two countries, adding, “Thus, the commercial cooperation between the two counties, too, would be increased.” Srivastava referred to the production of 2.4 million vehicles in India, adding, “The vehicle spare parts manufactured in India are exported to five continents around the globe.” The Indian ambassador meanwhile announced his country’s readiness for exporting Indian rice, tea, and food seasonings to Iran, adding, “India has also achieved noticeable advancement in production of medical products during the course of the recent years.” The Indian ambassador to Iran announced that 23 percent of the medical products produced in India are exported to the United States, adding, “India’s annual income from sales of medical products is currently ten billion US dollars.” Srivastava reiterated, “Expansion of cooperation with Iran due to this country’s economic and geographical conditions is among the priorities of India’s foreign trade.” Pointing out that the governments have facilitating roles in countries’ economic relations, he said that the businessmen of both counties are now eager for having broader economic cooperation. The Indian economic delegation visiting Iran had before arriving in Tabriz had a meeting with the Iranian businessmen at Tehran Chamber of Commerce and is going to head for Isfahan from Tabriz./end