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09-Aug2018

Govt needs to look into problems faced by exporters trading with Iran: FIEO

Indicating need to solve problems being faced by exporters shipping consignments to Iran, Federation of Indian Export Organisations (FIEO) President Ganesh Gupta has said the government needs to look into these problems, in view of the increasing threat of US economic sanctions against the Persian Gulf nation.

Besides, FIEO Director General Ajay Sahai has stated that the government has to take a call on the issue as the existing rupee account for export purposes have funds for another 3-4 months only. He added that 'there is an uncertainty with Iran on trade front'.

The US has told India and other countries to cut oil imports from the Gulf nation to 'zero' by November 4 or face sanctions. Iran is India's third-largest oil supplier after Iraq and Saudi Arabia. Iran supplied 18.4 million tonnes of crude oil between April 2017 and January 2018 (first 10 months of fiscal 2017-18).  Bilateral trade between India and Iran increased to $13.8 billion in financial year 2018 from $12.9 billion in the previous fiscal. However, India's exports goods worth only $2.5 billion to that country.


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