Tehran, Nov 2 : India and Iran have decided to set up a trilateral Ministerial mechanism to resolve various issues related to Iran-Pakistan-India (IPI) gas pipeline project.

External Affairs Minister Pranab Mukherjee and Iranian Oil Minister Gholam Hossein Nozari took the decision at a today. ehran on Saturday.

Under the mechanism, the Oil Ministers level meeting between India, Pakistan and Iran will take place to address different issues related to the project, said an External Affairs Ministry spokesman to reporters.

The decision has been taken after a request from India to Iran and reflects India''''s strong willingness to go ahead with the IPI project to fulfill its energy needs.

Mukherjee, who is on a three-day visit to Iran, met Iranian President Mahmoud Ahmadinejad in Tehran. 

Earlier, addressing a meeting of India-Iran Joint Business Council in Tehran, Mukherjee said the World Bank and International Monetary Fund (IMF) have lost their relevance in contemporary situation and they should take into account the changing world economic order. 

Mukherjee also said that India and Iran have finalised an agreement on avoidance of double taxation. (ANI)