Mumbai, Apr 1 (KNN) India and Iran have potential for cooperation in oil and gas, renewable energy, mining, copper, aluminum and other sectors, said Head of Seven-Member Parliamentary delegation from Iran at an interactive meeting organized by MVIRDC World Trade Center Mumbai and All India Association of Industries (AIAI).

Speaking on the occasion, Head of the Delegation, Hamid Reza Foladgar said that the move that has been taken by approving the Double Taxation Avoidance Agreement (DTAA) with India will promote ease of doing business and bilateral investment.

He said “Both the countries are also negotiating trade agreements to reduce customs and tariffs.”

Besides this, he stated that the newly built Chabahar Port and Makiran Port will promote India’s trading ties with Iran, West Asia and Central Asia.

Speaking about the US sanction on Iran, Foldagar said, “US has imposed sanction on Iran despite the International Atomic Energy Agency (IAEA) expressing satisfaction about Iran’s compliance with the nuclear agreement. Government of USA must reconsider its sanction in the absence of credible evidence of violation of the nuclear agreement.”

In his remarks, Consul General of the Islamic Republic of Iran, Khosroo Rezazadeh, said, “This is the right time for India and Iran to enhance their commercial partnership. India is the only country in this region to secure waiver from US sanction for importing crude oil from Iran. This shows the diplomatic influence of India in this region.”

It will be a pity if business communities from both the regions do not use this opportunity to enhance trade ties. Government of Iran offers e-visa for six months for Indian businessmen visiting Iran. In order to promote tourism, the government also offers visa on arrival, he added.

Rezazadeh invited Indian businessmen to approach his office in case they face any issues in trading with Iran.

He said, “The main purpose of bringing this Parliamentary delegation to India is to explore ways to promote bilateral cooperation. Both the countries must find ways to overcome the constraints on bilateral trade and investment arising from the US sanction.”

Even amidst the economic sanctions imposed on Iran, India remains the largest importer of crude oil from Iran, said Vijay Kalantri, President, All India Association of Industries (AIAI).

He said that the construction of Chabahar port has opened new vistas of trade and investment opportunities between both the countries.

Besides this, there is huge opportunity for commercial cooperation in areas such as mining, agro-processing, crude oil, energy, textile, capital goods. Both the countries must strengthen their banking and insurance ties to facilitate commercial partnership, he stated.