India imposes economic sanctions on polymer imports from Iran

TEHRAN, Apr. 29 (MNA) – An Iranian official said Fri. India has imposed new economic sanctions on polymer imports from Iran, that if not immediately resolved, Iran would replace the Indian market with Spain and Germany.

In an unprecedented move and coinciding with the implementation of Iran nuclear deal and the consequent lift of international sanctions against the Islamic republic, India has increased import tariffs on some of Iranian petrochemical and polymer products up to 13 per cent.

Commercial Head of Khorasan Petrochemical Complex (KPC) Marzieh Tavasoli told Mehr News that India, despite being one of the traditional markets for Iranian petrochemical and polymer products, has increased the tax on imported melamine crystals from Iran since the start of 2016 as the nuclear deal went into effect.

“Khorasan Petrochemical Complex exports annually about 9,000 tons of melamine crystals to India,” said Tavasoli. “with the newly imposed tariffs and limitations, however, exporting this polymer product to India will cease to have much economic justification.”

While deeming the change in tariffs by India an unfair move in global trade, Tavasoli added, “India, in support of the Chinese petrochemical industry which is the biggest producer of melamine crystals in the world, has adopted the ‘anti-dumping’ policy against Iranian melamine exports since January.”

She maintained that currently, Iran’s Chamber of Commerce and Ministry of Industry, Mines and Trade are in talks with India over the repeal of these new restrictions against Iran’s melamine exports to the south Asian country.

“If India refuses to repeal the restrictions, we will look for the European market, and Spain and Germany can easily replace India as markets for Iranian melamine crystal,” she said. 

A few weeks ago, Tavasoli said the KPC had signed contracts with German and Spanish companies for melamine exports, and several shipments have already been shipped to these two countries since January 2016. She further added that the KPC is currently holding negotiations with some other companies from the Netherlands, Germany, Turkey, Slovenia, India and Pakistan to export its products.

KCP’s melamine is being produced under the license of Italy’s Technip.

 

MS/3611573 

 

News Code 116193

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