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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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UN Nuclear Watchdog Claims, Iran Still Sticks on The Deal Terms

"Timely and proactive cooperation by Iran in providing such access facilitates implementation of the Additional Protocol and enhances confidence," the report stated, referring to the procedure detailing safeguards and tools for verification.

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Iran
Director General of the International Atomic Energy Agency, IAEA, Yukiya Amano of Japan, addresses the media during a news conference in Vienna, Austria, Nov. 22, 2018. VOA

Iran is continuing to comply with the landmark 2015 deal with major powers aimed at preventing Tehran from building atomic weapons in exchange for economic incentives despite the United States withdrawing from the pact and re-imposing sanctions, the U.N. nuclear watchdog said Friday.

In a confidential quarterly report distributed to its member states and reviewed by The Associated Press, the International Atomic Energy Agency said Iran has been abiding with key limitations set in the so-called Joint Comprehensive Plan of Action, or JCPOA.

The U.S. pulled out of the deal in May and been pressuring remaining signatories to abandon it as well.

U.S.
The U.S. pulled out of the deal in May and been pressuring remaining signatories to abandon it as well. VOA

Every IAEA quarterly report issued since Washington withdrew reported Iran remained in compliance.

In its report, the Vienna-based agency said its inspectors still have access to all sites and locations in Iran they needed to visit.

“Timely and proactive cooperation by Iran in providing such access facilitates implementation of the Additional Protocol and enhances confidence,” the report stated, referring to the procedure detailing safeguards and tools for verification.

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It noted that Iran’s stock of heavy water and low-enriched uranium continues to be under the limits set under the 2015 pact.

The other nations involved – Germany, Britain, France, Russia and China, as well as the European Union – have so far shown no inclination of abandoning the agreement. They instead have tried to provide Iran with enough economic incentives to make it work. (VOA)