Tehran sets no limits to expansion of ties with New Delhi

TEHRAN,May 16(MNA) - Iranian President Mahmoud Ahmadinejad in a telephone conversation with Indian Prime Minister Manmohan Singh Monday stressed the expansion of cooperation in all fields, saying that Tehran sets no limits for broadening ties with New Delhi. Ahmadinejad said Iran and India enjoy deep brotherly relations, adding the two nations would expect a promising future. For his part, the Indian premier said New Delhi attaches great importance to ties with the Islamic Republic and called for further expansion of cooperation with Tehran. Singh added that India welcomes widening relations with Iran on the basis of national interests. The two countries which enjoy centuries-old relations are also seeking to increase annual trade to $24 billion in the medium term. All this comes despite the fact that the U.S. has put a great pressure on India to curtail its trade with Iran and even sent its top diplomat to New Delhi to convince India to reduce oil import from Iran. Indian officials say the country—which relies on imports for three-quarters of its crude needs—has to buy from Iran to meet growing local demand for oil. India now imports between $10 billion and $12 billion of crude oil from Iran annually. In February, Iran agreed to accept payment in Indian rupees for up to 45% of its oil exports to India, and the countries have set up a credit window between Indian and Iranian state-owned banks.