Following a US-Iran MoU, Iran’s envoy to India hopes the removal of sanctions will resume oil exports and push bilateral trade beyond its previous USD 17 billion peak, realizing the true potential of economic cooperation between the two nations.
Iran Hopeful of Resuming Oil Exports, Boosting Trade with India
With the US and Iran electronically signing a memorandum of understanding to end the war, Iran’s Ambassador to India Dr Mohammad Fathali has hexpressed hope that with the complete removal of sanctions, not only will Iranian oil exports to India resume but bilateral trade will surpass previous peak levels and reach a scale commensurate with the true potential of of the two countries.
In an exclusive interview with ANI, Fathali said that before the imposition of sanctions, Iran was at times among India’s top three crude oil suppliers, and the volume of bilateral trade exceeded USD 17 billion annually. He said these figures reflect the tremendous potential for economic and energy cooperation between our two countries.
“Iran is one of the world’s largest producers and exporters of oil, and our policy has always been to make our energy resources available to all countries that seek them. India has historically been one of Iran’s most important oil customers, and energy cooperation between our two countries has a long and successful track record,” he said.
The Iranian envoy said India requires reliable, stable, and affordable energy supplies, and Iran possesses extensive capabilities to meet these needs.
“Therefore, should sanctions be lifted and normal conditions restored, there is no doubt that Iran can once again become one of India’s principal oil suppliers,” he said.
“We hope that with the complete removal of sanctions, not only will Iranian oil exports to India resume, but bilateral trade and joint investments will also surpass their previous peak levels and reach a scale commensurate with the true potential of our two countries,” he added.
He hoped that the agreement will lead to the complete removal of “all unjust and unilateral sanctions imposed” on Iran, including those related to oil exports. “Naturally, achieving this objective will require continued dialogue, future negotiations, and agreement on the details and implementation mechanisms. If there is sufficient political will and all parties remain committed to their obligations, there is reason to be optimistic that the process of sanctions relief can move forward more rapidly in the future, ” he said.
US-Iran MoU on Sanctions Termination
The US-Iran Memorandum of Understanding, states that the United States of America “undertakes to terminate all types of sanctions against the Islamic Republic of Iran, including the United Nations Security Council resolutions, i.e. International Atomic Energy Agency (IAEA) Board of Governors resolutions and all unilateral US sanctions, primary and secondary, in an agreed upon schedule”.
“As part of the final deal, the Islamic Republic of Iran and the United States of America acknowledge the critical importance of the sanctions termination issue above mentioned, and express their intentions to immediately address these issues in the negotiations in order to achieve mutual agreement on them,” the MOU states
“The United States of America undertakes that immediately upon the signing of this MOU and until the termination of sanctions, the U.S. Department of Treasury will issue waivers for the export of Iranian crude oil, petroleum products and derivatives and all associated services including banking, transactions, insurances, transportation,” the MoU notes.
Diplomatic Breakthrough at G7 Summit
The US and Iran have achieved a diplomatic breakthrough with US President Donald Trump signing a peace deal Memorandum of Understanding (MoU) with Iran during a dinner with French President Emmanuel Macron at the G7 summit in Versailles. (ANI)
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