HOME > BUSINESS > Indian trade forum Assocham to open an office in Iran

Indian trade forum Assocham to open an office in Iran

assochamThe Associated Chamber of Commerce and Industry of India (ASSOCHAM), India’s third biggest industry forum, today announced it will consider opening office in Teheran, immediately after global trade with Iran becomes normal following lifting of international sanctions.

Yesterday, Western powers and Iran announced an agreement to move towards normalization of trade and diplomatic relationships. Till yesterday, Iran was under sanctions from Western governments for suspected involvement in creating new weapons of mass destruction.

India has had strong ties with the Shi’ite country, both historically and recently. India sources a large part of its petroleum requirement from Iran, despite having to incur the displeasure of its Western partners.

“The entire West Asia is crucial for India’s global engagement in trade and investment. With merchandise trade itself aggregating USD 171 billion (2014-15), the region will grow in its economic and strategic importance once the geo-political situation improves following building of normal ties between the most influential western powers and Iran,” said D S Rawat, Secretary General ASOSCHAM.

Because of the sanctions by the United Nations (UN), Europe and the US, the trade channels with Iran were limited resulting in restricted trade. India’s exports to Iran totalled USD 4.17 billion and imports at USD 8.9 billion in 2014-15 whereas with other comparative big powers like UAE, Saudi Arabia the engagements were many times over, said ASSOCHAM.

“Despite these restrictions, ASSOCHAM has remained engaged with Iran, given its economic potential. We had fielded a couple of delegations as well to Teheran….” said Mr Rawat.

He said the chamber has already established a strong presence in other West Asian countries and would be eagerly awaiting to expand India’s trade and investment ties with Iran.

Follow ULTRA.news
India draws closer to US under Modi, to restart ‘COPE INDIA’ The Narendra Modi-led National Democratic Alliance government of India is ramping up defense cooperation with the United States, and will restart COPE INDIA, a mock combat exercise between the US and Indian Air Force.COPE INDIA was first conducted in 2004, and subsequently in...
Xiaomi sells half a crore Redmi Note 4 so far Even as attempts are made to lower the consumption of Chinese products in India by a section of the population, Xiaomi said it has sold 50 lakh units of Redmi Note 4 smartphone in India in six months.A total of 100 mln smartphones are expected to sell in India in 2017, and go...
Nawaz Sharif Proves Unlucky For The Third Time Nawaz Sharif is third time unlucky to have to abandon his term as the democratically elected Prime Minister of Pakistan.With the Supreme Court disqualifying him over the corruption cases for ten years, sixty-seven-year-old Sharif’s premiership comes to end one year before hi...
Pakistan Army protests cross-border attacks by India Pakistan's Director General of Military Operations protested Indian attacks on the Line of Control in Kashmir in a meeting with his Indian counterpart.According to a statement released by the Indian side, Pakistan complained that Indian Army had killed four Pakistani soldiers...
GST to boost Indian electronics manufacturing – Assocham-NEC study The goods and services tax will give a big boost to domestic electronic manufacturering as costs will be significantly brought down, said a study by ASSOCHAM-NEC.“The local manufacturers will be able to pass on the tax benefit to consumers in the form of price reduction,” sai...
Raymond opens Ethiopia factory to cut costs, easy access to US, EU Textiles and garments brand Raymond inaugurated a garment manufacturing plant in Ethiopia to gain duty-free access to the US and European markets.The plant was set up at a cost of Rs 100 cr and will employ over 2500 people in the first phase. More people will join later, the...
Kabul Blast: Is Islamic State expanding its reach in the subcontinent? Repeated attacks hurts morale of Afghan forcesIs this mother of all bomb blast? If one looks at the magnitude of Wednesday morning’s explosion in Kabul, one scouts to find a parallel in recent times.A sewage tanker laden with bomb is denoted at the heart of Kabul city s...
The fast rise of extremist Islam in Maldives When Hussain Rasheed started talking about his son, a sob choked his voice.Hussain Rasheed (left) and Shauna Aminath (rightmost)His feeble reply wasn't even audible to the small gathering for sometime. When he regained his composure the first question he asked: Why was ...
Uttar Pradesh Police arrests ‘ISI spy’ from Faizabad The Anti-terror Squad of the Uttar Pradesh police has arrested a person on suspicions of being a spy for Pakistan's Inter-Services Intelligence or ISI spy agency.Aftab Ali was nabbed from Faizabad.An official announcement giving details of the case is expected in a few mi...
‘Will go to any extent to save Kulbhushan Jadhav’ – Rajnath Singh Rajnath SinghHome Minister Rajnath Singh said India will go to any extent to save Kulbhushan Jadhav."We will go to whatever extent we need to, but we will save Kulbhushan Jadav," the minister said, while attending an event in Mumbai.The minister maintained that Kulbh...
Apparel exporters bemoan rising rupee, seek support Apparel manufacturing is a big job creator in Tamil NaduIndian apparel makers have sought government intervention to stabilize the rupee, which has been rising in recent months, in stark contrast to the situation in other countries that compete with India in exporting garmen...
Smuggling down on Indo-Bangladesh border, up on Bhutanese side Incidents related to smuggling of fertilizer and narcotics on the Indo-Bangladesh border fell sharply in 2016, but there was a compensatory increase in drug smuggling cases along India's border with Bhutan and Nepal, according to data from the Union Home Ministry.Fertilizers ...
SEZ exports eligible for rewards under MEIS and SEIS schemes SEZ exports are now eligible for scripsThe government has extended the rewards under its merchandise and services export from India schemes to units located in special economic zones.Special economic zones are areas -- usually located close to seaports or airports -- whe...
Can’t block imports of cheap chinese solar panels – Nirmala Seetharaman The government of India said it cannot seek to slow down imports of solar power generation equipment from China as it has to watch out for the interests of Indian consumers as much as those of Indian industrialists.Responding to questions from the opposition in Lok Sabha ...
TRUMP THREAT: TCS not worried, says we’re not the villains source: NasscomTata Consultancy Services, the largest Indian-owned outsourcing company, said it is able to manage with 75% less new visas this year as it has changed its business and recruitment models in recent years. It also said that outsourcing was key to protecting US j...
112 Indian soldiers injured or killed by ceasefire violations this year There has been a substantial increase in the number of ceasefire violations along the line of control between India and Pakistan as well as in the deaths and injuries caused by them, according to home ministry data.So far this year, a total of 99 Indian army and BSF perso...
Exports increase share of jobs in India – Study A new study by the Exim Bank has found that around 15% of the total jobs in India are related to India's exports sector, including both IT, BPO and material goods such as garments.The total number of jobs supported by aggregate Indian exports increased from about 34 milli...
Rijiju backtracks on ‘2 cr Bangladeshi immigrants living in India’ claim? Two weeks after claiming that around 2 cr illegal Bangladeshi immigrants are living in India, minister of state for home affairs Kiren Rijiju seems to be backpedaling on the claim."There is no confirmed data with regard to number of Bangladeshi citizens illegally residing...
Demonetization not enough to clean up real estate, says Assocham The ongoing crack down on black money alone will not be helpful to remove black money from the real estate sector, industry union ASSOCHAM said.Many buyers of real estate prefer to show lower costs on record simply to avoid the high levels of stamp duties payable on such tran...
Apprehensions on Trump to prove wrong: ASSOCHAM Industry body ASSOCHAM today expressed confidence that apprehensions linked to President Elect Donald Trump of United States "would certainly prove wrong" in the coming days.The industry association said Trump's sober, very fair sounding and statesman like demeanor promising ...
India overdependent on China for medicines – study India may have emerged as a key supplier of generic and affordable medicine for the world market, but it has an "overwhelming dependence" on China for the raw material required to produce these drugs, industry association Assocham said.Indian companies depend on China to supp...
India-Pakistan invisible trade worth $5 bln a year – study Informal trade or smuggling of goods between India and Pakistan is estimated at over USD five billion, almost double the official two-way commerce between the two neighbours with history of chequered ties, said an ASSOCHAM study.There are more exports from India than imports...
Indians await Amazon, Flipkart offers for Diwali purchases – survey The upcoming festive season, beginning October 1 is likely to register record-breaking sales, revenues, and highest ever purchase rate per minute for e-commerce giants as most people have deferred their holiday purchasing plans in anticipation of blockbuster offers, an ASSOCHAM s...
Packaged food market reached $51 mn mark in 2015: Study Clocking a compounded annual growth rate (CAGR) of about 16 per cent, the packaged food market in India is expected to have crossed $51.5 million (mn) mark in 2015 as against $25 million in 2010, noted a recent ASSOCHAM-TechSci Research joint study.“In wake of the increasing ...
India could designate Pakistan a ‘Terror State’ – reports India could move to designate its neighbor Pakistan a 'Terror State', according to media reports.The high-level committee that met today at the Prime Minister's office has arrived at this as the best option given the current situation.Other options considered included...