CURRENT AFFAIRS

Detailed explanation-1: -Farzad B is a gas and condensate field located at water depths ranging from 20m to 90m within the Farsi block in the Persian Gulf, offshore Iran. Spanning 3, 500km², the Farsi offshore exploration block is owned by the National Iranian Oil Company (NIOC), a state-owned natural gas company.

Detailed explanation-2: -India-Iran bilateral trade during the FY 2021-22 was USD 1.91 billion, a decrease of 9% as compared to USD 2.10 billion during FY 2020-21. In the current fiscal year from period April 2022-September 2022, bilateral trade stood at USD 1.3 billion.

Detailed explanation-3: -In the 1990s, India and Iran supported the Northern Alliance in Afghanistan against the Taliban regime. They continue to collaborate in supporting the abroad-based anti-Taliban government led by Ashraf Ghani and backed by the United States. The two countries signed a defence cooperation agreement in December 2002.

Detailed explanation-4: -Major Indian exports to Iran include rice, tea, sugar, fresh fruits, drugs/pharmaceuticals, soft drinks, industrial machinery, boneless bovine meat etc. Major Indian imports from Iran include almonds, inorganic/organic chemicals, liquified butane and propane, bitumen, dry dates etc.