India Eyes to Increase Trade with Iran without Violating International Laws
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India and Iran has been indulged in bilateral trade from last many years. India got exemption from US also during the recent economic sanctions which enables both the nations to do business with each other. Recently Indian Commerce and Industry Ministry expressed its interest to expand the bilateral trade to do business of mutual interest.
Mr. Suresh Prabhu, Indian Commerce and Industry Minister said, "India will not violate any international law and within the framework of international law, we would like to work with Iran in a manner that we can deal with Rupee trade wherein both countries can trade the items of mutual interest. Iran wants to buy something from India and we want to buy oil".
India's UCO Bank and IDBI Bank have been identified to route the payment as the two banks are not exposed to the US financial system. Iran is India's third-largest oil supplier behind Iraq and Saudi Arabia. On other hand India is one of the major Ferro alloys and Graphite electrode exporter and to Iran.
India has exported more than 20,000 MT Ferro Alloys to Iran in CY'18 (Till Oct). The nation majorly export Ferro manganese and ferro silico manganese to Iran.
India's GE export rises 6% during Jan-Oct'18
According to India's customs data, India exported 68,517 MT graphite electrode to Iran during the first ten months of CY'18, registering a hike of 6% against 64,379 MT in Jan-Oct'17.
Although India has stopped exporting graphite electrodes to Iran post U.S. sanctions announced in Aug'18. In first ten months of CY'18, Iran had the highest percentage share in country's total exports at 13%, 8,965 tonnes followed by Saudi Arabia at 11%, 7,789 tonnes, Turkey at 11%, 7,300 tonnes and U.S. at 10%, 6,884 tonnes.
The country's graphite electrodes imports in Oct'18 have registered a fall of 33% M-o-M basis at 5,564 tonnes against 8,274 tonnes in Sep'18. Due to sanctions imposed by U.S. on Iran in August this year, India's exports to the country have reduced dramatically, the impact of which is seen in the country's October GE export numbers.
