Britain’s economic secretaries planning trip to Tehran

Business Materials 16 November 2016 19:38 (UTC +04:00)

Tehran, Iran, November 16

By Mehdi Sepahvand –- Trend:

British economic secretaries are planning a visit to Tehran, according to Iranian Ambassador to London Hamid Baidinejad.

British companies are very interested in establishing ties with Iranian counterparts, he told IRNA news agency November 16.

Accordingly, many businessmen in the UK are pushing for the opening of banking relations with Iran, he noted.

However, he said that due to extensive relations with American banks, UK banks act very cautiously in approaching Iran.

Elsewhere Baidinejad pointed to US president elect Donald Trump’s stated intention to discard the Joint Comprehensive Plan of Action (JCPOA) and said, “The JCPOA is not a two-sided agreement so that one country could discard it unilaterally.”

Trade between Britain and Iran is beginning to grow and the government is working to resolve banking sector concerns which are limiting further expansion, British trade minister Liam Fox said recently.

Despite the removal of international banking restrictions in January, Tehran has secured links with only a limited number of smaller banks as U.S. sanctions remain in force and large foreign institutions still fear potential fines.