TCCIMA organizes an online conference on Iran-India trade

TEHRAN – The Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) on Saturday held a virtual Iran-India business conference titled “Developing Iran-India Trade Relations: Trade and Investment Opportunities” , announced the TCCIMA portal.

The conference, which focused on exploring ways to develop economic relations between the two countries and solve existing problems in the way of mutual trade, was organized in collaboration with the Chamber of Commerce and Industry PHD of India.

As reported, the virtual conference brought together senior officials from both sides, including representatives of the Indian Ambassador to Tehran and the Iranian Ambassador to India, as well as the heads of TCCIMA and the PHD Chamber of Commerce.

During the webinar, the existing challenges and issues in the way of trade between the two countries were discussed, and the representatives of the private sector raised their issues and concerns to be followed up by the chambers of commerce of the two parties.

Speaking at the meeting, TCCIMA Chief Masoud Khansari said holding such events is an indication of the interest and willingness of the private sectors of the two countries to develop bilateral trade and economic relations. .

He further noted that, unfortunately, some challenges and problems in the trade relations between the two countries have intensified in recent years.

Khansari pointed out that the trade relations between Iran and India currently require the efforts of both parties to be developed.

The two sides should find solutions and strategies to facilitate trade between the two countries, he said, adding, “The most important problem in the development of bilateral trade is the transfer of money and the problems caused by the lack of banking relationships; So far, several rounds of negotiations have taken place to establish bank branches, as well as to activate the rial-rupee payment mechanism, which unfortunately have not yet been carried out.

The official pointed out that the current situation shows that such negotiations must be resumed and that TCCIMA is ready to provide all the technical assistance and expertise necessary for the negotiation teams to establish a trade mechanism with the local currencies of the two countries. .

“Additionally, Iran and India should establish a line of credit to support their priority export sectors to reduce the complexities of trade bureaucracy,” Khansari added.

Later in the conference, the President of the PHD Chamber of Commerce and Industry of India referred to the 116-year history of this chamber, saying that 150,000 companies consisting of large, medium and small industries are members of this Indian private sector institution.

Pradeep Multani further mentioned the deep historical relations between the two countries and said, “Relations between India and Iran have continued with significant interactions for thousands of years. Until 1947, the two countries shared a common border and several common features in their language, culture and traditions.

Trade between Iran and India has been on an upward trend over the past two years, despite US sanctions.

According to data from TCCIMA, trade between the two countries increased by more than 74% in the first nine months of the current Iranian calendar year (March 21-December 21, 2021) compared to the same period of Iran. last year.

India occupied the sixth place among the major export destinations of the Islamic Republic during the mentioned period, while in terms of imports, the country occupied the seventh place among the major import sources of the Iran.

EF/MA

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