India asks Iran to expedite procedures of Farzad-B gas field

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

• Both counties 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.
• Iranian side suggested participation of India’s public and private sectors in development of Chabahar Port and Chabahar Free Trade Zone (FTZ) and in setting up industrial units in it.
• While India mentioned that Chabahar port will facilitate linking Afghanistan and Central Asia with India which will result in enhanced trade and commerce.
• India considers Iran as an important partner and expressed satisfaction at the growing bilateral interaction in diverse area including energy, shipping, ports and railways.

Background
Joint Commission Meeting between both countries comes 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 Organisation (SCO) summit in Ufa (Russia) in July 2015. Both the nations also had inked a pact to develop the Chabahar port earlier in May 2015 after Union Road Transport and Highways Minister Nitin Gadkari had visited Iran.

Month: Current Affairs - December, 2015