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Iran explores alternative banking mechanism to promote trade with India
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IANS | 09 Jun, 2022
In a bid to promote two-way trade with India, Iran is exploring an
alternative banking mechanism within the framework of the international
law, its visiting Foreign Minister Dr. Hossein Amir-Abdollahian on
Thursday.
In his address at an interactive meeting
organised by MVIRDC World Trade Centre, Mumbai � an international trade
promotion organisation, and the All India Association of Industries
(AIAI), he said: "I had a fruitful discussion with senior ministers of
the Indian government to establish such a banking mechanism."
Both
the sides discussed the possibility of rupee-rial trade and agreed on a
conducive legal mechanism to promote two-way commerce, he said.
Also,
in his presence, a Memorandum of Understanding was signed between his
nation and World Trade Centre, Mumbai to promote bilateral trade and
investment as also with the All India Association of Industries.
Apart
from establishing a banking mechanism, the two countries have also
explored the possibilities of settling trade transactions in rupee or
through barter system, said the minister, who is on a three-day visit to
India.
Within the framework of international law, there are
existing banking mechanisms which Iran has already implemented with a
dozen countries, he said.
Iran's Deputy Minister of Judiciary,
Fattah Ahmadi said: "Iran is clear in its intention to support trade and
investment ties with India by signing an agreement on mutual legal
assistance in civil and commercial matters."
The two Iranian
ministers also invited Indian companies to explore trade and investment
opportunities in Iran by assuring that its government will provide a
conducive business environment to protect their commercial interests.
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