Iran is taking the most vital step toward reviving foreign trade, activating banking and insurance ties in time for removal of sanctions to process transactions, Press TV reported.
Foreign companies seeking to enter the Iranian market have to get banks on board to open letters of credit and insurers to underwrite critical export-related risks - an arrangement which is currently non-existent due to sanctions.
With the lifting of sanctions on the horizon, European governments are up in arms to smooth out hurdles on the way of the world's biggest economy rejoining the global trading and financial system since the break-up of the Soviet Union.
On Monday, Italy's major export credit agency SACE signed three MoUs with Iranian banks as a delegation of about 360 Italian traders continued their meetings with officials in Tehran, including Iran's top banker Valiollah Seif.
SACE has already agreed to provide insurance coverage to Iranian industrial, construction and infrastructure projects worth at least 3 billion euros which will be provided by Italy's investment bank, Mediobanca.