BILATERAL TRADE BETWEEN INDIA AND IRAN

FICCI stated that given the fact that oil market is plagued by risk of high and low price cycles as a result of demand and supply shocks, in such circumstances, there is a need to jointly manage price risk and demand and supply shocks by both the consumer and producer nations. In a changing environment, India needs to position itself not only as a destination for Iran energy supplies but also as a hub of investments and provider of technology and services.

Due to abundant oil and gas endowment and geographic proximity, Iranian oil and gas sector is bound to act as a catalyst to boost the bilateral trade between the two regions.  

PRESIDENCY OF BRICS BUSINESS COUNCIL

Mr. Onkar S Kanwar, Chairman, India Chapter of the BRICS Business Council, who assumed Chairmanship of the BRICS Business Council, has outlined a four-fold agenda during his tenure as Chair. The core mantra, he said, would be ‘Continuity with Consolidation’. 

The four-fold agenda would emphasize on four tracks:

ü  First is aligning of the Council’s work with the priorities that have been set by our respective governments.

ü  Second, the role of the New Development Bank and the support expected from it for carrying forward some of the ideas floated in the working groups is important.

ü  Third, while bringing regulatory coherence and eliminating administrative barriers are very important.

ü  Fourth, is to develop a set of programs that Indian Chapter would organize in the coming months. 

—Dr A. Didar Singh is the Secretary General of the Federation of Indian Chambers of Commerce and Industry