Indo-Iran investment protection pact soon

New Delhi, July 8 (PTI) India and Iran are expected to
soon sign a bilateral investment protection treaty with a view
to double the two-way trade to USD 30 billion by 2015.
The issue was discussed at a meeting between Indian
finance minister Pranab Mukherjee and his Iranian counterpart
Seyed Shamsodin Hosseini here Thursday, official sources said.
"They discussed issues relating to finalisation of the
bilateral investment protection treaty. The treaty is almost
finalised and is expected to be signed soon," the source
further said.
The ministers also discussed the issues relating to
double taxation avoidance agreement (DTAA) for which official-
level negotiations between the two countries are on.
"It was also decided to sent a banking delegation from
India to Iran to explore further possibilities of bilateral
investment," the official added.
Trade between the two nations currently stands at around
USD 15 billion and the target is to double it within five
years. Iran is one of the biggest exporters of crude oil to
the country.
"My mission in this trip is to use the capacity of the
Iran-India joint commission to remove all barriers to the
two-way trade and facilitate the flow of investments,"
Hosseini told a Ficci meet earlier in the day. "We need to now
double the trade volume by 100 percent in the next five years
to USD 30 billion," he emphasised.
Hosseini further said his country would facilitate Indian
companies to gain access to the Caucasus region comprising
Azerbaijan, Armenia and Georgia, besides Russia, through the
land route.
Concurrent with the Iranian minister's visit, a two-day
meeting of the joint commission started today here. The
meeting is expected to identify projects in the fields of
energy cooperation, economic ties and counter terrorism for
joint cooperation. PTI PPB
MYR


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