Federation Of Indian Export Organisations News

India's exports to Iran could jump by over a third to $6 billion this fiscal year as an easing of sanctions against Tehran would help boost sales of agricultural commodities though competition for non-farm items would rise, a leading trade body said. Iran has been buying most of its basmati rice and sugar from India in the past few years using rupees for its oil due to restrictions on its dollar trades. On Tuesday, Iran and six major world powers reached a deal that will see the Islamic nation curbing its nuclear programme that the West has suspected was aimed at a nuclear bomb. "It's true that some of our exports, especially non-agricultural ones…

India reached a deal on Wednesday to develop a strategic port in southeast Iran despite U.S. pressure not to rush into any such trade agreements before world powers clinch a final nuclear accord with Tehran. Shipping Minister Nitin Gadkari and his Iranian counterpart Abbas Ahmad Akhoundi signed a memorandum of understanding to develop the Chabahar Port on the Gulf of Oman, near Iran's border with India's arch rival Pakistan. "Indian firms will lease two existing berths at the port and operationalize them as container and multi-purpose cargo terminals," the Indian government said in a statement, adding that a commercial accord would be needed to implement the pact.

India will push ahead this week with plans to build a port in southeast Iran, two sources said, with Prime Minister Narendra Modi keen to develop trade ties with Central Asia and prepared to fend off U.S. pressure not to rush into any deals with Iran. India and Iran agreed in 2003 to develop a port at Chabahar on the Gulf of Oman, near Iran's border with Pakistan, but the venture has made little progress because of Western sanctions on Iran. Now, spurred on by Chinese President Xi Jinping's signing of energy and infrastructure agreements with Pakistan worth $46 billion, Modi wants to swiftly sign trade deals with Iran and other Gulf countries.