India and Iran plan to increase trade turnover to $25 billion in 4 years, Indian Deputy Minister for Industry and trade Arvind Mekhta said, ITAR-TASS reports.
Rafiq Ahmed, President of the Federation of Indian Export Organizations (FIEO), said that India pays special attention to expanding ties with Iran.
The Indian delegation consisted of about 70 state and business officials seeing new opportunities after passing of US and EU sanctions against Iran. New Delhi provides Iran with goods worth $2.7 billion.
Jaypal Reddi, Indian Minister for Oil and Natural Gas, said in March that they only recognize UN sanctions.
The US and European Union continue pressurizing Asian states, including China, Japan and South Korea, to stop them importing Iranian oil. India is the second largest oil importer. It buys over 300,000 barrels of oil daily, which covers about 11% of its demand.
