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Exhibition Status Update!

With 3 weeks until SHOWTIME, the 20th Anniversary edition welcomes an All-Star cast of new and returning exhibitors, making up the largest DOMOTEX asia/CHINAFLOOR to date. Due to high demand in all product...

Global designers to exhibit at Luxury Br…

Designers from Europe, Middle East and North America will exhibit at the upcoming Luxury Brands Carpet Show. The second edition of the curated Luxury Brands exhibition and designer carpet collection is scheduled to...

H&M to dress Swedish teams for Olymp…

Hennes and Mauritz Group (H&M) will dress the Swedish teams for the Winter Olympics and Paralympics in PyeongChang 2018. The company will create outfits for the opening and closing ceremonies. The collection will...

Saurer to show Allma TechnoCorder TC2 at…

Saurer Technologies GmbH & Co. KG Twisting Solutions, a leading provider of energy efficient solutions for tire cord, carpet, staple, glass filament, and industrial yarns, will present its Allma TechnoCorder TC2 innovative machine...

Cone Denim and Unifi launch S Gene with …

Cone Denim and Unifi have launched the latest in advanced stretch technology - S Gene with Repreve . Combining the advanced stretch technology of S Gene with the superior sustainability and performance of...

Shima Seiki to partake in Premiere Visio…

Leading computerised knitting machine developer, Shima Seiki Mfg., Ltd., is set to participate at the Premiere Vision show, a global event for fashion professionals, to be held in Paris, from February 13 to 15, 2018...

Measurably more productive and econom- i…

Even if the winding machine is only responsible for about 10-15% of the energy consumption (compressed air and electrical energy) when considering the classic ring spinning process, these criteria play an important role...

Wool to dominate at Intertextile Shangha…

Some 3,300 exhibitors from around 20 countries covering all apparel fabrics and accessories product groups are expected at the Spring Edition of the industry’s most comprehensive sourcing platform for the spring/summer season, Intertextile...

Iran, India Agree On Bartering Oil For Textiles

Iran

Iranian and Indian officials have reached agreement to barter Iranian crude oil for Indian textile machinery, the Mehr News Agency reported. "Iran is a major exporter of crude oil to India. The two countries have reached agreements to barter Iranian crude oil for Indian textile machinery," Mehr quoted Iranian Trade Promotion Organization deputy director Reza Tofiqi as saying on Wednesday.

On Sunday, around 60 leading companies held an exclusive textile exhibition in Tehran. Indian deputy minister of textiles, Mrs. Zohra Chatterji, attended the exhibition. She said that Iran is currently importing 13 percent of its needed textile machinery from India, but the figure could double in the future.

India is looking to broaden its range of exports to Iran to help balance bilateral trade under an agreement that allows the countries to bypass Western sanctions, Indian industry and government officials said.

India is one of the largest buyers of Iran's crude oil and so far, 85%-90% of India's exports to Iran has been agricultural products such as basmati rice and soymeal. But now, India plans to also export products such as textiles, pharmaceuticals, medical-diagnostic equipment, auto components and consumer goods.

"We are looking at diversification of our exports," said Ajai Sahai, director general of the Federation of Indian Export Organization.

Last year, India and Iran entered into an agreement in which India would pay for about half of its crude oil imports from the Middle Eastern country in Indian rupees instead of U.S. dollars. The move followed U.S. sanctions that have shut down the global financial system for Iranian crude trade.

But the value of India's exports to Iran is far lower than the value of its imports. India exported $2.95 billion worth of goods to Iran last year, while its imports from Iran totaled around $11 billion.

India's imports from Iran, which mainly comprise crude oil, are expected to fall to around $10 billion this financial year because of a decline in oil prices.

Mr. Sahai said the trade organization aims to raise the value of Indian exports to Iran to around $4.5 billion to $5.0 billion in this financial year.

Source: Tehran Times .

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Middle East Textile Journal

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