An 80-member Indian trade delegation ended its five days visit to Iran and called the trip “very successful.”
"The visit was very good and very successful," said Rafeeque Ahmed, president of the government-backed Federation of Indian Export Organizations. "We saw a lot of interest from the Iranians in buying Indian goods… We talked about the excellent opportunities in food grains, food processing, pharmaceuticals, auto parts and other areas," he added [AFP, 17 March].
India buys around $11 billion worth of crude oil from Iran a year but sells Tehran just $2.7 billion in goods. India and Iran have worked out a deal under which New Delhi would pay for nearly half of its Iranian oil imports in rupees, which in turn would be used by the Iranians to buy Indian goods and services.