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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.
Iran-India oil-for-textile talks
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.