The 18th session of the India-Iran Joint Commission Meeting (JCM) was held in New Delhi.
- The session was co-chaired by External Affairs Minister of India (EAM), Sushma Swaraj and Mr. Ali Tayebnia, Minister of Economic Affairs and Finance of the Islamic Republic of Iran.
Key discussions during Indo-Iran JCM
- Connectivity afforded by Indian participation in Chahbahar Port will facilitate linking Afghanistan and Central Asia with India.
- Participation of India’s public and private sectors in development of Chahbahar Port and Chahbahar Free Trade Zone (FTZ) and in setting up industrial units in the FTZ.
- India emphasized the need for early completion of all necessary procedures for India’s participation in Farzad-B field.
- Both Nations reviewed works related to India’s participation in Chahbahar – Zahedan – Mashhad railway line.
Significance of the Session
This is the first JCM since the conclusion of the Vienna Agreement. The agreement was reached between P5+1 countries and Iran in July 2015 and paves the way for peaceful resolution of outstanding issues related to Iran’s nuclear programme.
- India sources around 70% of its oil and gas needs from abroad, the economic sanctions by the United Nations and the USA affected the bilateral oil trade and mode of payments.
The present meeting between both the countries marks the renewed vigour in bilateral trade.
Keys
Iran Capital – Tehran
Iran Currency – Iranian rial
Iran President – Hassan Rouhani
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