Tehran and New Delhi to Launch Free Trade Agreement in Agriculture

In a bid to enhance bilateral ties, Iran and India are set to initiate a Free Trade Agreement (FTA) focused on agricultural products.

Iran (IMNA) - Deputy Head of the Trade Promotion Organization of Iran for international businesses, Mohammad Sadegh Qannadzadeh, revealed that although initial talks were centered around a Preferential Trade Agreement, the Indian side expressed interest in pursuing an FTA with Iran.

During the first half of the current Iranian calendar year (March 21 to September 22, 2023), Iran witnessed a significant increase in its non-oil exports to India. The country exported approximately 3.8 million tons of goods, valued at $1.1 billion, marking a 68% increase in weight and a 15% increase in value compared to the same period last year.

Conversely, Iran's imports from India experienced a decline. The nation imported 775,000 tons of goods, worth $987 million, indicating a 17% decrease in weight and a 31% decrease in value.

The forthcoming FTA between Tehran and New Delhi aims to bolster trade relations specifically in the field of agriculture, as stated by the deputy TPOI. This agreement is expected to unlock new opportunities and foster greater economic cooperation between the two countries.

News ID 707070


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