Iran gives India “special priority” on oil exports, with focus on cooperation at Chabahar port

Iran is ready to give India “special priority” in its oil exports if New Delhi shows it, the country’s deputy foreign minister for political affairs said on Sunday, July 16.

India has not imported crude oil from Iran for the past four years after the US failed to lift sanctions on India and several other countries.

Iran-India Relations: Focus on the Port of Chabahar

The deputy foreign minister also said that any increase in investment from the Indian side “could play an important role in progress, advancement and the completion of Chabahar Port”.

Located in Sistan-Balochistan Province on Iran’s southern coast, Chabahar Port is being developed by India, Iran and Afghanistan to improve connectivity and trade relations.

Chabahar Port is also part of the International North-South Transport Corridor (INSTC).

The INSTC is a 7,200 km multimodal transport project for the movement of goods between India, Iran, Afghanistan, Armenia, Azerbaijan, Russia, Central Asia and Europe.

Iranian rial-Indian rupee framework in progress

Regarding the use of local currencies for bilateral trade, Iran’s Deputy Foreign Minister said it was on Iran’s agenda.

“We’ve made good progress there. Hopefully this could gain momentum and we could see widespread use of our local currencies in the process,” said Ali Bagheri.

In addition to their respective bilateral commitments, Iran and India are also involved in various multilateral forums.

Earlier this month, India joined its counterparts in the Shanghai Cooperation Organization (SCO) in welcoming Iran into the China-founded multilateral grouping.

Earlier, India, Iran and Armenia formed a trilateral grouping in April 2023 to strengthen regional cooperation. The first trilateral political consultation between the foreign ministries of the three countries took place on April 20, 2023 in the Armenian capital Yerevan.

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