New Delhi, 25 November 2013: "This is a historic decision and hopefully a first step towards engaging Iran in a deeper and more meaningful manner. If the discussions go on as suggested we could see further normalisation of relations and lifting of more sanctions. India has maintained its strong historic links with Iran and any step that makes it easy for Iran to engage economically with the  rest of the world would help us in sourcing of oil imports from Iran. We will also see possibilities for exporting our manufactured and other goods to that market including pharma, IT, electronics, automobile spare parts and food processing. This relief will benefit Indian companies in promoting bilateral trade between India and Iran which at present is around USD 15 billion.
India's recent decision to invest US $100 million in the free trade zone in Chabahar was an example of the  growing ties between the two countries. The port located at the confluence of the  Indian Ocean and the Oman Sea will boost trade between the two countries. Indian companies will get access to the markets in Afghanistan and Central Asia. This port would also have greater strategic importance for India after foreign forces leave Afghanistan in 2014" said Ms Naina Lal Kidwai, President, FICCI.