As US, along with other global powers, reached a landmark agreement with Iran clinching a deal on curbing some of its nuclear programmes, India is planning to increase its bilateral trade with Tehran.
"India throughout had special relationship with Iran. We had maintained that a negotiated resolution, particualry on the nuclear issue, should be reached at. We are happy that there has been a breakthrough and we would like to complement all those who were involved in the negotiations, including the US, EU, Iran and China. This will bring more trust and stability in the region. As far as economic engagement with Iran is concerned it has been there, it has huge potential to grow and we will be seriously taking all those measures which can imrpove our trade," commerce and industry minister Anand Sharma said here today.
In a major development, Iran Sunday agreed to curtail its nuclear activities in return of removal of economic sanctions worth $7 billion after four days of intensive negotiations by the so-called P5+1 group of countries including US, UK, France, Russia, China and Germany. However, a permanent solution is still being sought.
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The developement has cheered Indian exporters. According to the Engineering Export Promotion Council (EEPC), India can export a large number of items there, especially, high-tech machinery and automobiles withb unhindered market access.