India for advance procedures of Farzad-B gas field to Iran [ Current Affairs ]

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For early completion India has highlighted Iran for all necessary procedures of its participation in the Farzad-B gas field at cost of 5 billion US dollars. In the Joint Commission Meeting, India’s request was forwarded by External Affairs Minister Sushma Swaraj to Iranian Minister for Economic Affairs and Finance Ali Taiebnia.

Discussions in Joint Commission Meeting

  • During the meeting both the counties has also reviewed the progress in trade and economic cooperation and a number of related matters, and discussed the possibilities in cooperation in Railways among other areas.
  • In development of Chabahar Port and Chabahar Free Trade Zone (FTZ) Iranian side suggested for participation of India’s public and private sectors and also suggested to setting up industrial units in it.
  • But India talk about that Chabahar port will facilitate linking Afghanistan and Central Asia with India which will result in enhanced trade and commerce.
  • At the growing bilateral interaction in diverse area including energy, shipping, ports and railways India has voiced satisfaction and for that India has consider Iran as an important partner.

Background

  • After Prime Minister Narendra Modi reiterated keen desire to expand economic cooperation with Iran after meeting Iranian President Hassan Rouhani on the sidelines of Shanghai Cooperation Organization (SCO) summit in Ufa (Russia) in July 2015 joint commission meeting between both countries.
  • After Union Road Transport and Highways Minister Nitin Gadkari had visited Iran, both the nations also had inked a pact to develop the Chabahar port earlier in May 2015.

- Published on: December 30, 2015