(MENAFN) Iran has agreed to slash import duties on Indian textile yields by 20-25 percent in two years and inked a MoU that would make New Delhi the biggest textile exporter to the Islamic Republic.
In accordance, India exported textile products worth USD21mn to Iran which constituted a minuscule 2.5pct of the usd825MN worth of Ready Made Garments that Iran imported from the world last year.
As per the MoU, both nations would promote trade and industrial teamwork in the textile sector by sharing experience, actively cooperating to provide relevant information for enhancing bilateral trade.
"The MOU is a result of persuasions and convincing that was undertaken by the delegation India had sent to Iran in the month of April, which promoted the quality and diverse range of Indian apparel," said a top Iranian official.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.