Prime Minister Narendra Modi met Iranian President Masoud Pezeshkian on the sidelines of the Shanghai Cooperation Organisation summit in Kyrgyzstan on Monday and said that both the countries want to “expand” and diversify” their trade basket in the future.
Modi’s post on diversifying and expanding trade with Iran comes a week after the US Treasury Department announced new sanctions targeting Iran’s economy, which included four Indian firms among those sanctioned for importing Iranian petroleum and petrochemical products. The sanctions came a day after US Treasury Secretary Scott Bessent announced a campaign — ‘Operation Economic Outcast’ — aimed at cutting off Iran’s sources of revenue and increasing the risk of secondary sanctions for entities doing business with Iran. “Met President Masoud Pezeshkian in Bishkek. Reiterated our commitment to strengthening India’s long standing friendship with Iran across diverse sectors. We want to expand and diversify our trade basket in the times to come,” the Prime Minister wrote. Iran and India have been longstanding trade partners. The four India-based firms that faced sanctions included customs broker Portease Partners LLP and its partners, Indrismiya Ashrafmiya Sheikh and Harish Ramachandra Rangi. Even as the trade deal between India and the United States remains under works, there has been little progress in the last month. However, there has not been any update since.
Sharing a glimpse from the meeting, Modi wrote on X that both the leaders discussed ongoing tensions in the West Asia region which have the entire world in a chokehold and said that India will support all peace efforts. Portease “facilitated the import of multiple shipments of Iranian petrochemical products to India, according to the State Department. In July, the commerce ministry said that India’s engagements with the US Trade Representative (USTR) helped secure a lower tariff for Indian goods. It had also said that both nations were seeking an “early conclusion” of the planned bilateral trade agreement.
