Home / Knowledge / News / Textiles / India to export textiles in exchange for Iranian oil
India to export textiles in exchange for Iranian oil
27
May '13
The Governments of India and Iran have reached a basic barter deal, wherein India will be able to buy Iranian oil in exchange for its textiles.
 
Initially, a preliminary agreement would be signed between the private sectors of the two countries for Iranian imports of textile machinery and raw materials from India, which would be followed by general agreements between the two Governments on exchange of oil for goods, Iranian Labour News Agency said quoting Reza Tofiqi, vice president for marketing and relations adjustment at Iran’s Trade Promotion Organization.
 
Mr. Tofiqi said Iran is already a major oil supplier to India, while the South Asian country has enough experience in the textile industry, and if a final agreement is reached, Iranian textile imports from India might go up to US$ 400 million.
 
Last week, a high-level Indian delegation led by Textiles Secretary Mrs. Zohra Chatterji visited Iran with an aim to increase Indian textile exports to the Islamic Republic.
 
Coinciding with her visit, Combined Indian Textile Exhibition (INTEXPO), an exclusive three-day exhibition of Indian textiles, was organized in Tehran, where over 60 Indian firms showcased the entire range of Indian textile products, including different kinds of fibres, yarn, fabric, apparel and accessories.
 
Last year, India imported US$ 11 billion worth of goods, mainly oil, from Iran, while its exports to Iran totaled only US$ 2.95 billion. Hence, the textiles-for-oil deal would also help India reduce its trade deficit with Iran.
 

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Textiles | On 8th Mar 2021

Vietnam-UK FTA triggers two-way trade

After a month of Vietnam signing a free trade agreement (FTA) with...

Pic: Shutterstock

Retail | On 8th Mar 2021

2021 may see record retail sales in US, economy hinges on virus: NRF

A wide array of economic indicators point toward potentially record...

Pic: Lund University

Textiles | On 8th Mar 2021

Swedish scientists convert cotton into sugar, to make textiles

In a major step towards recycling, scientists at Sweden’s Lund...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Verticals like fast fashion won’t completely adopt personalisation on...

Textile Industry, Head honchos

Textile Industry
Head honchos

Value of 'Made in India' should get more importance

Textile Industry, Head honchos

Textile Industry
Head honchos

Fashion tech has to be lean and very productive

P V Kadole,

P V Kadole

Nine co-operative organisations from Ichalkaranji came together to form an ...

Emmi Berlin,

Emmi Berlin

With the support of the first investors - Finland's Technical Research...

Vikram Juneja,

Vikram Juneja

Jaquard is a training institute providing a highly specialised training...

Karan Bose, Hula Global

Karan Bose
Hula Global

Hula Global, a leading isolation gown manufacturer in India, has been...

Keith McMillen, Bebop Sensors

Keith McMillen
Bebop Sensors

Bebop Sensors' smart fabrics allows for a new level of interaction between ...

Sanjay Raut, Garware Technical Fibres Ltd

Sanjay Raut
Garware Technical Fibres Ltd

Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...

Sandeep Gonsalves & Sarah Gonsalves, Sarah & Sandeep

Sandeep Gonsalves & Sarah Gonsalves
Sarah & Sandeep

Established in 2012, Sarah & Sandeep is a luxury menswear label...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Sneha Arora, Label Sneha Arora

Sneha Arora
Label Sneha Arora

Sneha Arora, an alumnus of National Institute of Fashion Technology,...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


March 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search