Tuesday November 19, 2019
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India set to expand trade relations with Iran

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New Delhi: A press report in Iran revealed that New Delhi was interested in inking a preferential trade agreement with Tehran once the global embargo related to trade was lifted.

“We have a good relationship with Iran. It is a good market for us in the long term,” the Economic Times newspaper quoted a “senior” commerce department official as saying.

If the agreement is sealed then it would be the first of its kind in India. Though the trade pact is in a conceptual stage, both India and Islamic Republic of Iran had expressed deep eagerness in the deal. However, no formal negotiations had been initiated.

New Delhi’s eagerness comes at a time when the Obama administration is slated to lift the embargo in January next year. Notably, the report filed by the nuclear watchdog of the United Nation said that there was a dearth of evidence that could prove that Iran was carrying out the process of uranium enrichment for developing nuclear arms. They had successfully justified its activities of the hard-water plants as well.

Earlier, the Manmohan Singh government in India had failed to implement the project of a gas pipeline which also involved Pakistan. It had allegedly irked the Tehran.

However, the Iran and the six-nations talks on the nuclear deals and the IAEA’s reports had cornered Tehran.

India had not explored the West Asian market before due to obvious reasons. Civil wars, militancy and religious fundamentalism in the west Asian counties did hinder business strategies.

However, currently India is spreading its market globally under the stewardship of Narendra Modi. The deal with the country would definitely provide a foothold to explore markets in the region.

Besides exporting chemicals, agricultural goods and automobile spares to Iran, India ranks second in importing crude oil from them.

A deal with them would not only be profitable for India, but it would bolster the economy of the country.

(With inputs from ET)

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Iran Installing New Centrifuges, UN Confirms

The U.N.'s nuclear watchdog agency said Monday its inspectors confirmed Iran is installing more advanced centrifuges

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UN, Iran, nuclear, Centrifuges, Install
Acting Director General of the International Atomic Energy Agency, IAEA, Cornel Feruta from Romania waits for the start of the IAEA board of governors meeting at the International Center in Vienna, Austria, Sept. 9, 2019. VOA

The U.N.’s nuclear watchdog agency said Monday its inspectors confirmed Iran is installing more advanced centrifuges that can be used to refine uranium.

An International Atomic Energy Agency statement said the equipment includes several types of centrifuges prohibited under the 2015 nuclear deal Iran reached with a group of world powers that limited its nuclear program in exchange for sanctions relief.

UN, Iran, Centrifuges, Install, nuclear
Iran says it will continue to work with the IAEA to allow inspections of its nuclear facilities.. Pixabay

The confirmation comes days after Iranian officials announced the move.  It was the latest step Iran has taken away from the nuclear agreement as it complains European nations are not doing enough to help Iran’s oil sector deal with U.S. sanctions.

Iran earlier decided to break the limit on the amount of enriched uranium it is allowed to hold at one time, and a limit on the level to which it can enrich.

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The United States imposed its sanctions after abandoning the agreement last year.  President Donald Trump has said he wants to negotiate a new deal, but one that also includes limitations on Iran’s ballistic missile program and a longer timeline than the original agreement struck under the administration of his predecessor Barack Obama.

Despite openly taking steps to go against limitations specified in the agreement, Iran says it will continue to work with the IAEA to allow inspections of its nuclear facilities. (VOA)