India's exports to Iran are expected to soar this fiscal following the easing of sanctions against Tehran, and the historic nuclear deal is set to catapult Iran to the top 10 spots from its current 24th position, according to a leading trade body.
Increased global trade will help push Iran to one of the front ranking export destinations from its present slot, noted engineering exporters’ apex organisation EEPC India.
"With shipments worth $130 million in the April-May period of the current fiscal, Iran is at present at the last but one position among India’s top 25 export destinations. If this deal is implemented without hardliners blocking it, the key Middle East country can occupy one of the top 10 positions in the table of destinations," Chairman of EEPC India Anupam Shah noted in a statement.
He pointed out that the Iran nuclear deal would also help improve India’s trade with the Middle East, which accounts for just about seven per cent of the country’s total export shipments.
He added that once the nation begins rebuilding itself, it would be bound to import larger quantity of critical engineering products like industrial machinery, automobiles, auto components, electrical and iron and steel. All of this, Shah said, would be a huge opportunity for Indian exporters.
Source:thehindubusinessline.com
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