An Iranian trader is in talks to import “a very large quantity” of Indian wheat, the South Asian nation’s Trade Secretary Rahul Khullar said today.
“It is true that there is one private sector trader who is interested in importing a very large quantity of wheat,” Khullar told reporters in New Delhi. “It is not a government-to-government transaction. The guy has to come here and find someone who sells wheat.”
The foreign ministry has proposed paying for Iranian crude imports with wheat exports to the Persian Gulf nation, the Economic Times reported today, citing an unidentified person with knowledge of the development.
Iran and India are seeking a solution for payment for bilateral trade amid escalating economic and financial sanctions against the Islamic Republic. The U.S. and its allies are using economic and financial sanctions to curb Iran’s nuclear program, which they say has military objectives. Iran denies the claim.