India - Iran trade

India and Iran plan to reach $25 billion in annual bilateral trade in the next four years, Indian commerce ministry said. Heading an 80-member trade delegation to Iran, joint secretary of the Indian commerce ministry Arvind Mehta has said the present bilateral trade is around $15 billion. The delegation was on a five-day visit to the country to explore commercial opportunities, a Tehran Times report said.
It comprised representatives from the public and private sectors, included president of the Federation of Indian Export Organisations (Fieo) Rafeeque Ahmed. India has been examining ways to step up trade with Iran amid problems in settling its oil bills from Iran as a result of the intensifying sanctions by the US and others, aimed at forcing Tehran to abandon its nuclear programme.