Economy

India, China to maintain ties with Iran despite US, EU sanctions

Arun S. New Delhi | Updated on March 28, 2012 Published on March 28, 2012

Trade Ministers cite rising crude oil prices, energy security

India and China on Wednesday indicated that they will continue to maintain normal relations with Iran, while citing high crude oil prices and energy security concerns.

The Chinese Commerce Minister, Mr Chen Deming, said China respects all the United Nations resolutions.

However, in a veiled reference to the US sanctions on Iran, he added that Beijing is not obliged to follow the domestic rules and regulations of any particular country.

He was talking to reporters after the meeting of the trade ministers of BRICS countries (Brazil, Russia, India, China and South Africa) here ahead of the BRICS Summit on Thursday.

Incidentally, China, India and South Africa are dependent on Iran for their crude oil supplies. Brazil and Russia also raised concerns over the increase in crude oil prices following the sanctions being imposed on Iran by the US and European Union.

The Commerce, Industry and Textiles Minister, Mr Anand Sharma, confirmed that the US sanctions on Iran was discussed during the meeting.

Echoing the Chinese Commerce Minister, Mr Sharma also maintained that India is also not in violation of any UN resolutions.

"Energy security is important. Iran is an important source of our energy supplies," Mr Sharma said.

He added that India looks at the issue in a pragmatic manner while remaining within the ambit of UN resolutions.

Mr Chen Deming said China should develop its own relations with all other countries including Iran while honouring the UN resolutions.

He referred to the current high crude oil and commodity prices affecting the world economy as well as China.

The Chinese Minister said even while dealing with political issues, all nations must also ensure the revival of the world economy. "If crude oil prices continue to rise, it will not be good news for the world," he warned.

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Published on March 28, 2012
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