ISAS Insights

Iran’s extra oil production can decrease oil price in global markets, which can be considered as relief for India’s economy. However, by terminating the Rupee-based payment mechanism, India’s products do not possess their exclusive market in Iran. Development project of Farzad-B gas field, investment in Chabahar port and an undersea gas pipeline can be seen as the potential prospects of mutual cooperation.“We never forget our friend who has been with us during a difficult time;” Javad Zarif, Iran’s Foreign Minister, commented on Indo-Iran economic and commercial relations after the lifting of the sanctions during his visit to New Delhi in August 2015