Representatives of Iran and India are holding expert-level talks to finalize a ‘preferential trade’ agreement which will come into effect in the near future, Head of Asia and Oceania Trade Office at TPO (Iran’s Trade Promotion Organization) Mojtaba Mousavian broke the news on Monday.
He described the initiative have been fruitful and the agreement is set to be implemented within the next month.
The official said as per the agreement, each side will reduce tariffs on 80-100 products purchased from the other country.
According to Mousavian, urea, methanol, propane, tar, iron, butane, pistachio and dates, are among the products, shipped from Iran to India, which are slated to enjoy tariff reduction.
In exchange, Indian goods included in the initial list are rice, tea, carbon Electrode, paper, aluminum oxide, medical supplements and sesame. The list still awaits finalization and could undergo changes.
In a related front, Earlier on October 12, Senior Iranian and Indian trade officials held a meeting in New Delhi to review ways to bolster bilateral relations, specially development of Chabahar port.
During the meeting in the Indian capital, Iranian Road and Urban Development Minister Mohammad Rastad and senior officials from India’s Ministry of Shipping and Ports Association explored avenues for bolstering and reinvigorating mutual cooperation, in particular the development of Chabahar port.
During the meeting, the two sides discussed the development of Chabahar Port as well as the time and conditions of implementing the main contract.
The Indian company, IPGL, has been tasked with administering and running the terminal of the first phase of ‘Beheshti harbor’ at Chabahar port as a mere operator.
Supplying the equipment for development of the port by the Indian company was also on the meeting’s agenda.
During his two-day stay, Rastad visited Jawaharlal Nehru Port (JNPT Port), a strategic Indian trade hub, and conferred with related officials on boosting ties between the JNPT Port and Chabahar Port.
Chabahar is the closest and best access point of Iran to the Indian Ocean. In May 2016, Iran and India signed a deal to equip and operate containers and multi-purpose terminals at Shahid Beheshti port in Chabahar with the capital investment of $85.21 million and annual revenue expenditure of $ 22.95 million on a 10-year lease.
Source: Farsnews - Date: (24 December 2018)