Europe – Iran held business forum to expand trade

Europe – Iran held business forum to expand trade

BAKU, Azerbaijan, Mar.2

Trend:

The Europe-Iran Business Forum held a three-day video conference starting on Monday with the participation of 4,000 companies from 50 countries aimed at resuming trade ties with Iran as a cohesive approach from the EU.

"There are trade capacities between Iran and Europe and the European Union is ready to expand economic cooperation with Iran. The Joint Comprehensive Plan of Action was a good ground for expanding economic ties between Iran and Europe before the US withdrawal and therefore EU High Representative Josep Borrell believes the US return to the JCPOA is vital and emphasizes on the implementation of the agreement," said the EU's Deputy Secretary-General for Political Affairs, Trend reports citing IRNA.

"Iran's expectation from the benefits of this agreement must be met. We require a diplomatic solution to solve the problems, the new US government has expressed readiness to return to the JCPOA and all the signatories are intend to revive the JCPOA," he said.

"There are considering economic capacities to expand cooperation with Iran and the EU is ready to create more cooperation projects in trade and industrial sectors in future years. We should work together and create new opportunities for creating trust, the European Union is ready to implement its share in this regard," he noted.

"The following forum is an important meeting for expanding trade ties with Iran and a gathering place for Iran and Europe 's economic businesses to develop legitimate trade between the two sides," said Peter Stano EU Lead Spokesperson for Foreign Affairs and Security Policy in a press briefing on Monday.

The forum participants would discuss expanding cooperation in the export, tourism, agriculture, pharmacology, and petrochemical sectors.

The forum is slated to be held virtually with the collaboration of the European Union (EU), the International Trade Centre (ITC), and the Trade Promotion Organization of Iran (TPOI).

"Iran and Europe's trade value has reduced from €21 billion in 2017 to €4.5 billion (in current Iranian year March 20, 2020) due to US withdrawal from the JCPOA and re-impose of sanctions against Iran," said Iran's deputy foreign minister Peyman Saadat in the forum.

According to the schedule of the forum, Michael Bock, German-appointed president of the Instrument in Support of Trade Exchanges (INSTEX) is going to deliver a speech in the forum.

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