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India, Iran accord MFN status to each other

India and Iran on Thursday accorded to each other the most favoured nation status to provide for establishing trade centres, re-exporting to third countries and expansion of trade and commercial activities even as New Delhi offered Tehran its expertise, comparable to the "best" in the world, in key sectors.

"This new trade arrangement "will give the necessary impetus to boost to the two-way trade. It will encompass the current trading philosophy in the liberalised global environment," Minister of State for Industry and Commerce Omar Abdullah told the Iranian Chamber of Commerce, Industries and Mines in Tehran.

Asserting that there was "tremendous scope" for other countries to give a fresh impetus to their trading relations in the non-oil sector, he said "with political stability and continuity in economic policy, emphasis on procedural simplification and a liberalised investment regime coupled with vast natural resources, India provides an excellent opportunity for trade and investment."

Observing that Iran information sector was at its nascent stages, Abdullah said India could help in setting up national information system as also geographical database besides commissioning the country's banking system.

On Iran's ambitious plans to develop its space-related facilities, the Minister said, "India can offer its technology and capabilities to Iran in this sector."

New Delhi could also participate in areas like supply of coal-handling system, package boilers for process plants and commission new power plants, he said.

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