External Affairs Minister S Jaishankar on Monday met Iranian Ambassador to India Ali Chegeni on completion of his tenure and appreciated his contribution to building India-Iran ties.
“Pleased to receive Ambassador of Iran Dr. Ali Chegeni on the completion of his tenure. Appreciate his enthusiasm and contribution towards building our bilateral relationship,” Jaishankar tweeted. India-Iran commercial ties were traditionally dominated by the Indian import of Iranian crude oil. In 2018-19 India imported USD 12.11 billion worth of crude oil from Iran.
However, following the end of the Significant Reduction Exemption (SRE) period on 2 May 2019, India has suspended importing crude from Iran. The bilateral trade during 2019-20 was USD 4.77 billion, a decrease of 71.99 per cent as compared to the trade of USD 17.03 billion from 2018-19.
What is significant is that Indian exports to Iran between 2011-12 and 2019-20 have grown by 45.60 per cent. India’s major exports to Iran include rice, tea, sugar, soya, medicines/pharmaceuticals, man-made staple fibres, electrical machinery, etc.
Major imports from Iran include inorganic/organic chemicals, fertilizers, cement clinkers, fruits and nuts, leather, etc. Both countries are negotiating a Preferential Trade Agreement, on which five rounds of talks on have been held so far.
India is developing the 1st Phase of Shahid Beheshti Port at Chabahar. The capacity of the port will reach 8.5 MT at the end of the first phase. During the visit of Prime Minister Narendra Modi to Tehran in May 2016, the contract on the Shahid Beheshti port of Chabahar was signed which, inter-alia, comprises an investment of $85 million for procuring equipment for the port.