BAKU, Azerbaijan, August 6. Iran wants to resume the activities of a joint trade working group with India as part of efforts to expand economic ties between the two countries, an Iranian official said.
Iran's Deputy Industry, Mining and Trade Minister for Trade Affairs Mohammad Sadegh Mofatteh made the remarks during a meeting with India's Deputy Minister of Commerce and Industry Amardeep Singh Bhatia, according to Iran's Ministry of Industry, Mining and Trade.
Mofatteh said the working group held three rounds of meetings before 2015 and played a constructive role in developing bilateral trade. However, its activities were suspended in 2015 due to sanctions.
"The working group will be headed by deputy ministers responsible for industry and trade from both countries. Its revival could help remove obstacles hindering trade turnover between Iran and India," Mofatteh said.
He added that expanding services provided by India's UCO Bank to Iranian businesses is important. Increased activity by the bank in this area could contribute to stronger trade ties between the two countries and boost Iran's exports to India.
Mofatteh said UCO Bank could accelerate services for Iranian businesses in the industrial, mining, electricity, construction and services sectors through transactions in Indian rupees.
The deputy minister also highlighted the importance of establishing a regular shipping route between Indian ports and Iran's Chabahar port. He said such a route could play a key role in developing Chabahar and help create the necessary infrastructure to attract investment.
"There has so far been no regular shipping route between Chabahar and Indian ports. The only existing route is operated by Iran's shipping sector and is not regular. Establishing a weekly or biweekly service could support the development of the port and help attract investment," Mofatteh said.
