sanddy
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India, Iran finalize rupee as trade currency - Tehran Times
The Indian rupee has been made the official
currency for trading between India and Iran.
It has also been decided that UCO Bank will
be the official bank for transactions.
Following this conclusion after a long debate,
Pharmaceutical Export Promotion Council of
India (Pharmexcil) is organising a business
delegation trip to Tehran from December
17-19, 2012 in order to boost pharma
exports between the two countries.
The total pharma market in Iran is $3.2
billion, divided between generics (contributing
$1.78 billion), patented drugs ($1.13 billion)
and OTC drugs ($0.36 billion).
Commenting on this latest development, Dr
PV Appaji, Executive Director, Pharmexcil
said, The Government of India is keen on
improving pharma exports to Iran. After a
long debate, both the countries have agreed
that rupees is going to be the official
currency for trading purpose. India imports
huge quantities of oil from Iran and the
Government of India is thus trying to balance
trade between both the countries.
Appaji continued, Iran needs bulk drugs and
our objective is to supply materials to Iran.
After the recent communication between India
and Iran we had taken a delegation to Iran.
We are taking a 25-member delegation to
Iran from December 17-19, 2012 to continue
this exchange. On the same trip, we will be
organising meetings with local pharma
manufacturers, importers, as well as trade
associations. The Indian Embassy is
coordinating with U.S. to accelerate this
process.
In the last three years, exports from India to
Iran have observed a downward trend. During
2009-10, the bulk drugs exports were $69
million, which decreased by eight percent to
$61 million in 2010-11. However, it showed
an upward trend of one percent from $61
million to $62 million in 2011-12. Similarly
the formulations business also observed an
increase of six percent from $45 million
2009-10 to $51 million 2010-12. However,
there has been a dip to $36 million in
2011-12.
The Indian rupee has been made the official
currency for trading between India and Iran.
It has also been decided that UCO Bank will
be the official bank for transactions.
Following this conclusion after a long debate,
Pharmaceutical Export Promotion Council of
India (Pharmexcil) is organising a business
delegation trip to Tehran from December
17-19, 2012 in order to boost pharma
exports between the two countries.
The total pharma market in Iran is $3.2
billion, divided between generics (contributing
$1.78 billion), patented drugs ($1.13 billion)
and OTC drugs ($0.36 billion).
Commenting on this latest development, Dr
PV Appaji, Executive Director, Pharmexcil
said, The Government of India is keen on
improving pharma exports to Iran. After a
long debate, both the countries have agreed
that rupees is going to be the official
currency for trading purpose. India imports
huge quantities of oil from Iran and the
Government of India is thus trying to balance
trade between both the countries.
Appaji continued, Iran needs bulk drugs and
our objective is to supply materials to Iran.
After the recent communication between India
and Iran we had taken a delegation to Iran.
We are taking a 25-member delegation to
Iran from December 17-19, 2012 to continue
this exchange. On the same trip, we will be
organising meetings with local pharma
manufacturers, importers, as well as trade
associations. The Indian Embassy is
coordinating with U.S. to accelerate this
process.
In the last three years, exports from India to
Iran have observed a downward trend. During
2009-10, the bulk drugs exports were $69
million, which decreased by eight percent to
$61 million in 2010-11. However, it showed
an upward trend of one percent from $61
million to $62 million in 2011-12. Similarly
the formulations business also observed an
increase of six percent from $45 million
2009-10 to $51 million 2010-12. However,
there has been a dip to $36 million in
2011-12.
