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Deputy FM: Iran, India Determined to Strengthen All-Out Ties
TEHRAN (FNA)- Iranian Deputy Foreign Minister Seyed Abbas Araqchi announced that Tehran and New Delhi's firm determination to expand relations in all fields was reiterated during his recent visit to India.
"The latest developments related to the nuclear deal and ways to continue mutual cooperation after the US withdrawal from the agreement were the most important issues of this round of talks," Araqchi wrote on his Instagram page on Monday, releasing an image of his recent meeting with Indian Foreign Secretary Vijay Gokhale.
He added that positive progress was made in cooperation between the two countries, specially in the fields of energy, trade and transit after the 2017 visit by Iranian President Hassan Rouhani to India.
"Iran and India are seriously determined to improve relations in different dimensions and arenas based on common interests and mutual respect," Araqchi said.
Iran is the third-biggest oil supplier to India, which, in turn, is the Islamic Republic’s top oil client after China.
India imports a large quantity of oil from Iran and has committed an investment of $500 million for the development of the crucial Chabahar port.
India has given the go-ahead to a plan by Iran's Pasragad Bank to open a branch in Mumbai, media reports said last week.
"Iran's Bank Pasargad had received an authorization to open a branch in Mumbai," the Indian Express reported.
The New Delhi also authorized reviving a banking mechanism that would allow payments to Iran for oil purchases, the Indian newspaper added.
The authorization was accordingly conveyed to the Reserve Bank of India (RBI) by India’s Finance Ministry.
It noted that the channel that would be created through Bank Pasargad would allow arrangements to settle trade in mutual currencies of both countries.
In the wake of US sanctions, India might explore the possibility of reviving a mechanism to settle oil payments involving Iran’s Rial and India’s Rupee that was in place between the two countries in the past.
The Rupee-Rial arrangement was used to buy oil from Iran before US sanctions were lifted against it three years ago. Under this mechanism, India paid in Euros to clear 55 percent of its dues, while the remaining 45 percent payment was remitted in Rupees into accounts Iranian oil companies had with UCO Bank.
The presence of an Iranian bank in India would open up a significant financial channel that would ensure the smooth flow of funds between the two countries, the daily added.
Deputy FM: Iran, India Determined to Strengthen All-Out Ties
TEHRAN (FNA)- Iranian Deputy Foreign Minister Seyed Abbas Araqchi announced that Tehran and New Delhi's firm determination to expand relations in all fields was reiterated during his recent visit to India.
"The latest developments related to the nuclear deal and ways to continue mutual cooperation after the US withdrawal from the agreement were the most important issues of this round of talks," Araqchi wrote on his Instagram page on Monday, releasing an image of his recent meeting with Indian Foreign Secretary Vijay Gokhale.
He added that positive progress was made in cooperation between the two countries, specially in the fields of energy, trade and transit after the 2017 visit by Iranian President Hassan Rouhani to India.
"Iran and India are seriously determined to improve relations in different dimensions and arenas based on common interests and mutual respect," Araqchi said.
Iran is the third-biggest oil supplier to India, which, in turn, is the Islamic Republic’s top oil client after China.
India imports a large quantity of oil from Iran and has committed an investment of $500 million for the development of the crucial Chabahar port.
India has given the go-ahead to a plan by Iran's Pasragad Bank to open a branch in Mumbai, media reports said last week.
"Iran's Bank Pasargad had received an authorization to open a branch in Mumbai," the Indian Express reported.
The New Delhi also authorized reviving a banking mechanism that would allow payments to Iran for oil purchases, the Indian newspaper added.
The authorization was accordingly conveyed to the Reserve Bank of India (RBI) by India’s Finance Ministry.
It noted that the channel that would be created through Bank Pasargad would allow arrangements to settle trade in mutual currencies of both countries.
In the wake of US sanctions, India might explore the possibility of reviving a mechanism to settle oil payments involving Iran’s Rial and India’s Rupee that was in place between the two countries in the past.
The Rupee-Rial arrangement was used to buy oil from Iran before US sanctions were lifted against it three years ago. Under this mechanism, India paid in Euros to clear 55 percent of its dues, while the remaining 45 percent payment was remitted in Rupees into accounts Iranian oil companies had with UCO Bank.
The presence of an Iranian bank in India would open up a significant financial channel that would ensure the smooth flow of funds between the two countries, the daily added.
