Exports to India increased
The vice president of the Iran-India Chamber of Commerce cited the oil and non-oil trade between the two countries at between $ 12 billion and $ 15 billion, saying that, following the recent clashes, the trend has been downward.
According to Iran's International Stone Exhibition, Param Rezai said about the amount of room the Iranian and Indian chambers have committed to the currency deal: Everyone has exported their foreign exchange commitments by the end of January. When exporters act as exporters, they are obliged to import their currency into the country, provide the NIMA system, or import part of it, the joint chambers have the task of facilitating trade.
He added: "When the exporter makes its export, it can supply the resulting currency to the importer and provide room for the importer and the exporter to find each other. And there is no surplus for the two (exporters and importers) to find each other.
"Establishing a joint venture in India solves many of the problems of the two countries in terms of financial transactions," the vice-president of the Iran-India Chamber of Commerce said.
He cited oil and non-oil trade between the two countries at $ 15 billion and said that $ 10 billion to $ 12 billion is related to oil and non-oil trade. After the recent conflict, however, the trend has been decreasing.
Rezai noted: "Of course, Iran's exports to India in the two countries have increased somewhat, in the oil sector there has been a downward trend, but imports have increased as demand has to be met.
"Most of our imports from India are some basic commodities like rice, tea, medicine and machinery," he said.
* Ilna
