Iran, India To Increase Trade To $30Bln In 2019 Fiscal Year - Reports

Iran, India to Increase Trade to $30Bln in 2019 Fiscal Year - Reports

MOSCOW (UrduPoint News / Sputnik - 14th August, 2019) Iran and India plan to increase their trade to $30 billion this fiscal year, amid toughening sanctions against Tehran from Washington, local media reported, citing Iran's consul general in India's Hyderabad, Mohammad Haghbin Ghomi.

According to the consul, as cited by the Iranian Mehr news agency, India-Iran trade was $18 billion last fiscal year, which ended on March 20, 2019.

The consul added that the two countries shared great potential to increase bilateral trade and that Tehran was ready to implement strategies to eliminate the negative consequences of US sanctions against the middle Eastern country.

In 2018, trade between Iran and India stood at about $17 billion, making Tehran New Delhi's 15th biggest trading partner, according to Iran's Ambassador to India Ali Chegini.

Tehran has been targeted by heavy sanctions from Washington since last year, when on May 8, 2018, US President Donald Trump unilaterally withdrew his country from the Iran nuclear deal. In late July, Iranian Foreign Minister Javad Zarif said that the sanctions amounted to "economic terrorism."

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