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India to sign port deal with Iran, ignoring US warning against haste

"Shipping minister Nitin Gadkari will travel on a day-long tour to Iran to sign a memorandum of understanding for development of Chabahar port," a shipping ministry source with direct knowledge of the matter told Reuters. The deal will be signed on Wednesday, he said. 

Encouraged by the prospect of a deal between world powers and Tehran by June 30 on Iran's nuclear programme, after which sanctions could be eased, India recently sent a delegation to Iran to scout for trade, energy and infrastructure deals. 

The United States cautioned India and others last week against strengthening ties with Iran ahead of a final agreement. But Indian officials said New Delhi could not ignore its national interest and noted a report that a US energy delegation was visiting Iran. 

"We don't want to miss this opportunity and will move as expeditiously as possible," the shipping ministry source said. India's cabinet approved the plan to develop Chabahar port last year. 

Iran has also proposed a free-trade agreement with India, a trade ministry source said. Rupee-denominated trade with Iran, started in 2012 because of complications arising from sanctions, has almost doubled Indian exports to Tehran in the past two years to $4 billion. 

Now Indian exporters want to build on that, using a free-trade zone being developed near Chabahar to export more to the Commonwealth of Independent States, made up of former Soviet Republics, said Mumbai-based Khalid Khan, regional head of the Federation of Indian Export Organisations. 

"It will be Modi's gift to Iran and Indian exporters," he said of the port project. 
JAI HIND

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