Iran’s semi-official news agency Mehr News Agency reported on Wednesday that Iran is currently negotiating with India on a barter transaction that will enable New Delhi to pay for goods it purchases from Iran with goods related to the textile sector. Part of crude oil.

Reza Tofighi, deputy head of the Iranian Trade Promotion Organization, said that both parties have reached a preliminary agreement on the barter scheme.

Tofighi said that the two sides agreed that firstly the two countries’ private sector will sign a contract on the import of textile machinery and textile raw materials, and then the two governments will sign a general agreement on the barter mechanism for oil-for-goods exchanges.

Tofighi said India has the know-how and experience necessary to develop the textile industry.