A joint forum titled “Potential for Expanding India-Iran Trade” was held at Iran Chamber of Commerce, Industries, Mines and Agriculture's headquarters in Tehran on Wednesday.
Officials and business representatives from both sides discussed ways of expanding bilateral commercial ties and finding solutions to impediments created by the reimposition of US sanctions against Iran.
Deputy head of ICCIMA for international affairs, Mohammad Reza Karbasi; the newly-appointed Indian Ambassador to Iran, Gaddam Dharmendra; the head of Iranian Foreign Ministry's India Affairs Bureau Mohammad Hossein Baniasad; vice chairman of Iran-India Chamber of Commerce Parham Rezaei; chief representative of India’s UCO Bank in Iran, Sabeer Nazeem; and deputy general manager of IDBI Bank, Ravi Rao, attended the event.
"India has already set up a special purpose vehicle for managing our relations with Iran under the sanctions regime. This SPV has been up and running for the past six months. We are looking at how we can continue importing oil from Iran and how Iran can import legally non-sanctioned items from India. The European SPV as well as the Indian one, we hope, will maintain our trade relations with Iran," Dharmendra told Financial Tribune on the sidelines of the forum.
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