PM Modi is expected to sign a number of important economic documents, including a preferential trade agreement, a pact on avoiding excessive taxation in bilateral trade, among others.
10:07 AM IST
PM Modi begins Iran visit; expected to sign preferential trade agreement
As a goodwill gesture, India to pay 1.5% interest on Rs 43,000 crore Iran oil dues
Reliance buys Iranian oil after a six-year break It is Prime Minister Narendra Modi's first visit to Iran and the trip is expected to boost the trade and economic ties between the two countries. The two-day visit comes after sanctions were lifted from Iran after the it agreed with the US on its nuclear programme.
PM Modi is expected to sign a number of important economic documents to kickstart the phase one of the crucial Chabahar port project. Other deals include a preferential trade agreement, a pact on avoiding excessive taxation in bilateral trade, supporting mutual investments besides cultural and tourist accords.
Here is what PM Modi's schedule and agenda will be over the two-day visit once he has reached Tehran:
- PM Modi to arrive in Tehran on Sunday evening.
- After his arrival, he will head straight to a local gurudwara where he is scheduled to address people of Indian origin.
- He will hold bilateral talks with President Hassan Rouhani after a ceremonial welcome on Monday morning, which will focus on regional connectivity, infrastructure and energy as well as terrorism and extremism in the region.
- PM Modi is expected to discuss with President Rouhani the mode of clearance of the $6.4 billion Indian refiners like Essar Oil and MRPL owe to Iran in past oil dues.
- There will be signing of two contracts -- one by Indian Ports Global Pvt, a joint venture between the Jawaharlal Nehru Port Trust and the Kandla Port Trust, with Arya Bandar Company of Iran for developing two terminals and five multi-cargo berth in Phase-1 of the Chabahar port project.
- Chabahar in South-East Iran will help skip Pakistan and open up a route to land-locked Afghanistan with which New Delhi has developed close security ties and economic interests. From Chabahar port, the existing Iranian road network can link up to Zaranj in Afghanistan, about 883 km from the port.
- PM Modi will sign an agreement for Indian investment in phase-1 of Chabahar port project will be in excess of $200 million, including $150 million line of credit from Exim Bank.
- Modi will witness signing of a trilateral agreement on transport and transit corridor among India, Afghanistan and Iran.
- Talks are also expected on Indian state-run firms securing rights to develop the offshore Farzad-B gas field, which was discovered by ONGC Videsh.
- PM Modi and Iranian President are also likely to review peace and stability in the region which faces several challenges, including terrorism and violent extremism, besides cyber crime and maritime security.
- PM Modi will also inaugurate a conference titled 'India-Iran Two Great Civilizations: Retrospect Prospects' on Monday.
(With inputs from PTI)
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