1974 India-Iran trade pact lists copper, saffron, railway stock in export schedules

The two governments committed to facilitating imports and exports of specific commodities listed in attached schedules and to promoting mutual trade based on their developing economies.

Who it concerns: The agreement involves the Government of India and the Imperial Government of Iran. It specifically concerns the Ministries of Commerce of both nations and affects sectors including machinery, textiles, agriculture, pharmaceuticals, chemicals, and energy equipment as detailed in Schedules A and B.

What was agreed

• Facilitation of import and export for commodities listed in Schedule A (Iran to India) and Schedule B (India to Iran).
• Granting of expeditious import/export licenses in accordance with respective laws and foreign exchange rules.
• Payments to be made in freely convertible currencies acceptable to both countries.
• Mandatory review of the agreement's working every six months, alternating between India and Iran.
• Provision of facilities for trade fairs, exhibitions, and permanent display centers.
• Agreement duration of 5 years, with automatic year-to-year extension unless terminated with 3 months' written notice.

Also in the document

• Schedule A lists specific Iranian exports to India, including mineral ores (copper, zinc, lead, chromite), pharmaceuticals, and agricultural products like saffron and dates.
• Schedule B lists specific Indian exports to Iran, including railway rolling stock, electric power equipment, cotton textiles, and agricultural products like tea, rice, and spices.
• The agreement references the earlier Treaty of Commerce and Navigation signed on December 15, 1954.