New Delhi Last Updated at May 10, 2018
India is not expecting any major shift in trade with Iran following the US decision to reimpose trade sanctions against the Islamic nation, a top government official said today.
Commerce Secretary Rita Teaotia said the sanctions on Iran were in place for long number of years and there was a partial lifting by the then Obama-administration.
The lifting of trade sanctions, she said, has not resulted in a surge in exports from India to Iran, “so our trade with Iran has remain at even levels”.
“I would not expect any major shift happening (in trade),’ she told reporters here.
US President Donald Trump has announced that America will withdraw from the landmark 2015 accord to curb Iran’s nuclear programme and reinstate financial sanctions on the Persian Gulf nation.
The secretary was responding to a question on the impact of the US decision on India-Iran trade relations.
“Our trade (with Iran) is fairly even…There is not going to be a sudden shut down,” she added.
Iran is India’s third-largest oil supplier behind Iraq and Saudi Arabia.
The bilateral trade between India and Iran has increased to USD 12.9 billion in 2016-17 from USD 9 billion in the previous fiscal.( PTI )