India & Iran to explore new trade vistas

India & Iran are expected to conclude a preferential trade agreement, in spite of the sanctions imposed on the Islamic Republic after the US walked out of the 2015 Iran nuclear deal. This pact will allow the two countries to cut tariffs on each other’s products and also engage in barter trade in the face of sanctions imposed by the US on dollar payments. So far, the 2 countries have held four rounds of talks on the deal. It still remains to be seen if the two countries will resume their trade in crude oil. It may be noted that European countries like France, Britain and Germany, along with the European Union itself have criticized US for walking out of the 2015 Iran nuclear deal. According to reports, these countries have already devised payment mechanisms to bypass US sanctions.