TEHRAN - Indian Ambassador to Iran Rudra Gaurav Shresth says that if the Iranian economy was not under the pressure of sanctions, the volume of trade between the two countries could reach $16 billion while it is now as low as $2 billion.

The ambassador made the remarks during a visit to Iran Chamber of Commerce headquarters in Tehran last week when he met with a group of Iranian businesspeople.

Speaking during the meeting, Ebrahim Jamili, the head of Iran-India Joint Chamber of Commerce, highlighted the significance of the Indian market, adding that “we are seeking to facilitate the chance for joint investment.”

He called on the central banks of the two countries to expedite the transfer of Indian rupee and Iranian rial.

Jamili pledged that the joint chamber of commerce would do its best to remove the obstacles on the way of trade between the two countries.

The Indian ambassador also addressed the meeting, terming the economies of Iran and India as complementary.

India used to import some $11 billion worth of oil from Iran before the sanctions were re-imposed on Tehran in 2018, the ambassador said, while noting that there are still other items that can be used in bilateral trade between the two countries.

If the Iranian economy was not under the pressure of sanctions, the volume of trade between Iran and India could rise to $16 billion from the present $2 billion, he stressed.

The ambassador urged the need for Iran and India to focus on non-sanctioned items, including agricultural, pharmaceutical, and food items.