Indo-Iran trade pact on cards

By Our Special Correspondent

NEW DELHI, NOV. 24. Iran is awaiting the Foreign Minister, Mr. Jaswant Singh's visit to seal a trade agreement between the two countries. The pact will encourage the idea of trade facilitation and seek to expand the categories of commodities currently being traded by both sides. Since export credit will play a major role, it will envisage a greater role for the export guaranteeing agencies of both countries, the visiting Iranian Deputy Minister of Commerce, Dr. Mohammad Nahavandian, told presspersons here today.

Mr. Nahavandian, who is here to smoothen the path for the trade pact as well as to assess Indian IT capabilities, said the agreement was being finalised at a time when Iran was opening its doors to external trade. Licensing requirements on the import of 2,000 items had been removed and rules for foreign direct investment eased. Teheran wanted to increase the flow of trade, information and facilitation between both countries.Iran wanted to develop e- commerce with India, setting up banks in each other's countries and easing the issuance of business visas. These issues were discussed during the Minister's talks with the secretaries of the Commerce and Finance Ministries as well as with the Minister of State for Commerce, Mr. Omar Abdullah.

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