Search Result for : India Iran Trade

The Dollar Business Bureau French car maker Renault and Iran signed a mega JV on Monday in the presence of the Iranian Industry Minister, Mohammedreza Nematzadeh. The JV could change the tide of the car maker in the oil rich Middle eastern country. Many Western companies have made a beeline to do business in Iran with the lifting of the sanctions. The joint venture was signed between Renault and Industrial Development & Renovation Organization of Iran (IRDO). Renault will be the majority shareholder holding 60% of the shares, with IDRO and another private player Parto Negin Naseh taking up 20% each. The production of the cars will begin in 2018, with both the parties agreeing to set up an engineering and sales centre ...

The Dollar Business Bureau  Embedded in the Iran Nuclear Deal of 2015 were terms related to assured support from the developed world for Iran to acquire a fleet of new aircraft from majors like Boeing and Airbus.  Reportedly, the country has acquired merely 3 jets from Airbus in return for cash payments so far, while it aims to purchase as many as 180. While Iranian officials try to accelerate talks with British export credit agency to gain an approval, they have multiple roadblocks to address.  Theresa May’s snap decision to hold general elections in the month of June discourages Britain’s export credit arm to take defining decisions affecting foreign policy during such a critical time. The government is also likely to postpone dealing ...

Sneha Gilada Economically tied with high volume trade in crude oil and politically tied with similar interests for stability in the Middle East, especially Afghanistan, India and Iran have traversed a long and tumultuous journey to maintain a healthy trade relationship. In an interview with Hon. Consul General, Hassan Nourian (HN), Consulate General of the Islamic Republic of Iran, Hyderabad; The Dollar Business (TDB) explores current issues in the India-Iran bilateral relationship. Speaking about diverse areas from the ambiguity in payment settlement mechanisms to problems in basmati rice exports, the diplomat lucidly explains the dynamics in India-Iran relations. India-Iran payments settlement issues To ensure smooth trade relations between India and Iran regardless of a series of international and American sanctions imposed against the ...

The Dollar Business Bureau  Donald Trump has made it amply clear that the landmark Iran nuclear deal negotiated by former President Barrack Obama is a 'bad deal'. Recent test-firing of ballistic missiles by Iran lead to a bitter feud between the two countries, ending in sanctions being imposed on companies and individuals related to missile programs in Iran.  Lack of clarity in Trump's future strategy for Iran has left traders in the middle-eastern country, along with their close trading partners in a limbo. India, one of Iran's closest trading partners, ranks second among its export destinations (after China) and fourth among its major importers (after China, South Korea and Turkey). In fact, oil embargoes on Iran proved to be a blessing in disguise for Iran-India trade, as total ...

The Dollar Business Bureau  India's oil imports from Iran fell 19% last month, while other regional oil-exporting nations Iraq and Saudi Arabia saw a rise in their November oil shipments to the world’s third-largest oil consumer.  According to Thomson Reuters Oil Research and Forecasts’ ship tracking data and report, India imported about 620,000 barrels per day (bpd) of oil from Tehran in November. In October this year, total oil shipments from Tehran stood at 765,500 bpd.  The drop in November came after OPEC (Organisation of Petroleum Exporting Countries (OPEC) members and non-OPEC producers signed an agreement to cut down on their total oil production in order to strengthen global oil prices.    Iran, however, was initially reluctant to reduce oil production, but after Saudi Arabia, ...

The Dollar Business Bureau (Sourced from PIB) An online portal for facilitating trade between India and Iran was launched today by Dr. Inder Jit Singh, Additional Secretary, Department of Commerce in the presence of H.E. Gholamreza Ansari, Ambassador of Islamic Republic of Iran, Khaleel Rahim, CMD, STC, and other Directors of STC. The Hind-Iran portal (hindirantrade.org) is a joint initiative of STC and Douman Queshm, Iran. The objective of the trade portal is to disseminate information relevant to Indo-Iran Trade, and to provide an e-marketplace for the buyers and sellers of the two countries. Addressing the gathering at the event, Khaleel Rahim said that Iran and India have enjoyed deep social, cultural, economic and political connections and relations that have enriched both countries. ...

The Dollar Business Bureau Following the lifting of sanctions against Iran by the United States and others Western powers in January this year, India has also followed suit by lifting the ban on export and import of certain items from the Persian Gulf nation. “The prohibition on direct or indirect export to Iran or import from Iran of specified items is lifted,” the Directorate General of Foreign Trade (DGFT) in a notification said. “Direct or indirect exports to Iran or imports to Iran is now permitted subject to UN Security Council Resolution 2231 (2015) and IAEA specified documents,” the notification also added. Bilateral trade between India and Iran stood at $9 billion in 2015-16 as against $13.13 billion in 2014-15. After Iran signed the nuclear deal with the main ...

The Dollar Business Bureau As a part of the Chabahar pact inked between India and Iran to develop railways and other infrastructure, Indian steel firms will export rails worth $150 million to the Iranian port in July. “The maiden rail consignment worth $150 million will be sent in July,” revealed an official, after Iranian Ambassador to India, Gholamreza Ansari, held talks with Nitin Gadkari, Road Transport and Highways Minister, on Thursday. The official further revealed that Gadkari and Ansari considered to take the deal ahead. The Chabahar Port of Iran will give India access to Afghanistan and Europe via the Pakistani bypass. This historic pact was inked in May, during Prime Minister Narendra Modi’s visit to the Gulf country. Earlier in May, Gadkari stated ...