Washington DC: Hours after India signed an agreement to operate Chabahar port in Iran for 10 years, the United States warned that “anyone” considering business deals with Tehran should be aware of the “potential risk of sanctions.”
However, the US State Department's principal deputy spokesperson, Vedant Patel, also said that it would allow the Indian government to speak about its foreign policy goals.
He said: “We are aware of these reports that Iran and India have signed an agreement regarding Chabahar Port, and I will allow the Government of India to speak about its foreign policy objectives, regarding Chabahar Port as well as its bilateral relations.” Vedant Patel said at the press conference on Monday (local time).
He added: “I would just like to say… that the US sanctions on Iran are still in place and we will continue to implement them.”
“Any entity, anyone considering doing business with Iran, needs to be aware of the potential risks that they are exposing themselves to, and the potential risks of sanctions,” Patel said.
Singing the deal between India and Iran
The long-term bilateral contract for the operation of Chabahar Port was signed between India's Indian Ports Global Limited (IPGL) and Iran's Ports and Maritime Organization (PMO) on Monday, enabling the operation of Shahid Behesti Port in the Chabahar Port Development Project. For 10 years.
IPGL has committed to continuing to equip and operate the port throughout the duration of the contract. At the end of the ten-year period, the two sides will continue to expand their cooperation in Chabahar. IPGL will invest approximately US$120 million in equipping the port. India also offered a credit window equivalent to US$250 million, for mutually identified projects aimed at improving Chabahar-related infrastructure.
This 10-year long-term lease agreement strengthens bilateral relations between the two countries while enhancing trust and confidence among the business communities in the region.
About Chabahar Port
Chabahar Port is a major project between India and Iran, and serves as an important transit port for trade with Afghanistan and Central Asian countries, which are landlocked countries. India was a major player in the development and operation of Chabahar Port.
The Indian government has invested in the port's infrastructure and been involved in upgrading its facilities to make it a viable transit route for Indian goods destined for Afghanistan and Central Asia.
Published on: Tuesday, May 14, 2024 11:31 AM IST
