India owed Iran $6.4 billion for crude oil exports that it was unable to pay due to international sanctions on the country. According to sources in India, a portion of this was paid before Modi’s trip.
After Iran’s and Pakistan’s long-anticipated “Peace Pipeline” to transfer Iranian gas to Pakistan has been delayed for various reasons, India’s plan to transfer gas via the sea has been proposed as an alternative. Jalalpour wrote that while technology has not yet allowed this, negotiations have begun. Jalalpour concluded by saying that most estimates indicate that by 2030, India will have the third-largest economy in the world and that Iran must have a strategic outlook with respect to relations with India.
In total, Iran and India signed 12 agreements. Vikas Swarup, India’s spokesperson for external affairs, tweeted an infographic highlighting the key points of the agreements. In addition to increasing economic ties, the two countries also agreed to expand cultural ties through their cultural ministries.
During a press conference with Modi, Rouhani also said that Iran and India will expand political and intelligence cooperation in order to combat terrorism. He did not elaborate how.