Tehran to Host Commercial Forum With India Next Week

EghtesadOnline: A joint commercial forum, scheduled in Tehran on March 13, will host businesses from Iran and India.

News ID: ۷۸۴۵۴۵

05 March 2019

The event was planned in a meeting between India’s commercial attaches in Iran and officials from the International Affairs Department of Iran Chamber of Commerce, Industries, Mines and Agriculture on Thursday.

Economic players and business owners from the two countries active in the fields of pharmaceuticals, chemicals, agricultural and livestock products, foodstuff and electronic devices are expected to attend the forum, which will be hosted by ICCIMA, ICCIMA news portal reported.

Representatives from two Iranian banks, namely Agribank and Pasargad, as well as India’s UCO Bank, will be present, according to Financial Tribune.

Iran and India are major trading partners. Iran traded 8.54 million tons of non-oil commodities worth $3.63 billion with India during the 10 months of the current fiscal year (March 21-Jan. 20). This registered an 11.65% and 11.42% decline in tonnage and value respectively compared with last year's corresponding period, latest data released by the Islamic Republic of Iran Customs Administration show.

Iran’s exports to India stood at 7.08 million tons worth $1.71 billion, down 13.12% and 23.05% in tonnage and value respectively year-on-year. India was Iran’s sixth export destination during the period.

Iran mainly exported urea, methanol, ammonia and bitumen to India during the 10-month period.

India exported 1.46 million tons of goods worth $1.92 billion to Iran, down 3.82% in tonnage and up 2.32% in value YOY. India was the fifth exporter of goods to Iran over the period.

The imports mainly included semi-milled rice, wholly-milled rice, graphite electrodes used in furnaces and tea.