With Western sanctions on Iran easing, Indian exporters are looking to enhance trade with the Gulf nation, engineering exporters body EEPC India said today.
The renewed interest has prompted EEPC India to field a delegation to Iran this year so that exporters can explore opportunities in the Middle-East nation.
"The hesitation of Indian exporters to engage with Iran for the fear of reprisal from the US is fast easing," EEPC India Chairman Anupam Shah said.
Indian exporters were hesitant to visit Iran till it was subject to tough Western sanctions fearing that an Iranian visa on their passports could come in the way of receiving visa from the US, though there was no written rule about it.
"That fear is going away and we would like to tap the full potential of doing engineering exports to Iran," Shah said, adding that the trade body has been given clarification that no such apprehension should be nursed.
With the easing of Western sanctions, the problem of payment and receipts is also getting sorted out and businessmen from both countries will be able to do business in a far more effective way, Shah added.
India can be a big supplier of automobiles, including auto components, steel, pipes, valves and oil machinery to Iran.
The United States and its allies accorded Iran with sanctions relief equivalent to USD 7 billion under the terms of a six-month nuclear deal signed in November last year.
