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Tag: India-Iran agreements

  • India Secures Iranian Port Pact Of Chabahar, Eyes Central Asian Markets, Bypassing Pakistan | India News

    New Delhi: India on Monday inked a ten year long contract to initiate operations at the strategic Iranian port of Chabahar. The port on the Gulf of Oman was being developed by India, however the US sanctions on Iran had slowed down the process, the plan to do so was first proposed in 2003. The Chabahar port aims to provide a new route to reach the landlocked Afghanistan. and Central Asia, bypassing Pakistan.

    India’s Ports, Shipping and Waterways Minister Sarbananda Sonowal visited Iran on Monday to attend the signing ceremony in the presence of Iranian Transport and Urban Development Minister Mehrdad Bazrpash in Tehran.

    Speaking at the occasion, Sonowal said, “With the signature of this contract, we have laid the foundations of India’s long-term involvement at Chabahar,” reported PTI. He added that the signing of this contract will have a multiplier effect on the viability and visibility of Chabahar port.

    This is one-of-a-kind agreement as India has taken over the management of an overseas port for the first-time, a move expected to significantly boost trade between India, Iran, and Afghanistan. It’s part of ongoing efforts to access the vast potential of Central Asia directly, avoiding the need to go through Pakistan.

    Last year, India used the port to deliver 20,000 tonnes of wheat assistance to Afghanistan. In 2021, the port facilitated the shipment of eco-friendly pesticides to Iran.

    The deal supersedes an original agreement from 2016, which pertained to India’s activities at the Shahid Beheshti terminal in Chabahar port and had been extended annually.

    The Indian Embassy in Iran in a post on Reiterated India’s commitment to cooperate with Iran in developing the Chabahar Port.”

    Hon’ble Minister @sarbanandsonwal MoPSW:” With the signature of this contract, we have laid the foundations of India’s long-term involvement at Chabahar” @MEAIndia pic.twitter.com/mMF8dqxKLt — India in Iran (@India_in_Iran) May 13, 2024

  • “Anyone Considering Business Deals With Iran…”: US Warns Of Sanctions After India-Iran Chabahar Port Deal | world news

    Hours after India signed an agreement to operate the Chabahar Port in Iran for 10 years, the United States has warned that “anyone” considering business deals with Tehran needs to be aware of the “potential risk of sanctions.”

    The US State Department Principal Deputy Spokesperson, Vedant Patel, however, also said that it will let the Indian government speak on its foreign policy goals.

    “We are aware of these reports that Iran and India have signed a deal concerning the Chabahar Port, I would let the government of India speak to its own foreign policy goals, vis-a-vis the Chabahar Port as well as its own bilateral relationship with Iran,” Vedant Patel said in the press briefing on Monday (local time).

    He added: “I would just say…US sanctions on Iran remain in place and we will continue to enforce them.”

    “Any entity, anyone considering business deals with Iran, they need to be aware of the potential risk they are opening themselves up to, potential risk of sanctions,” Patel said.

    The Long-Term Bilateral Contract on Chabahar Port Operation was signed between Indian Ports Global Limited (IPGL) of India and the Port & Maritime Organization (PMO) of Iran on Monday, enabling the operation of Shahid-Behesti port in the Chabahar Port Development Project. for a period of 10 years.

    IPGL has committed to further equipping and operating the port for the duration of the contract. At the end of the 10-year period, both sides would further extend their cooperation in Chabahar.

    IPGL will invest approximately USD 120 million in equipping the port. India has also offered an in-credit window equivalent to USD 250 million, for mutually identified projects aimed at improving Chabahar-related infrastructure.

    This 10-year long-term lease agreement further strengthens the bilateral ties between the two countries while bolstering confidence and boosting trust among trading communities in the region.

    The Chabahar Port is an India-Iran flagship project that serves as an important transit port for trade with Afghanistan and Central Asian countries, which are landlocked countries. India has been a key player in the development and operation of Chabahar Port.

    The Indian government has invested in the port’s infrastructure and has been involved in upgrading its facilities to make it a viable transit route for Indian goods bound for Afghanistan and Central Asia.

  • Union Minister Sarbananda Sonowal On Iran Visit: May Ink Chabahar Port Pact, Check Its Significance For India

    The Chabahar port agreement will allow India to secure a long-term lease for the port located on Iran’s coast along the Gulf of Oman.