UK companies eye Iranian food market – trade official

Tehran, Iran, Nov.26

Trend:

According to Director of the Department for International Trade at the British Embassy in Tehran, the companies in the UK are interested in Iranian market, however creating financial channels for transaction is the priority to run the business.

" We expect Iranians to be patient, we also have asked British companies to consider Iran's market and its opportunities," British official Keith Wellings told ILNA.

The re-imposed US sanctions hit Iran oil, financial and shipping sectors, however trade of food and medical fields were exempted.

"Food trade is an important issue in Iran and the EU's export and import. The White House has announced food and medicine are exempted from sanctions, therefore we are ready for any opportunity to increase trade ties with Iran," Wellings said, referring to Iran's agricultural industry.

"The question is that if there are proper financial channels to do it , the important thing is that how can EU support special channels for trades between the EU and Iranian companies? However we should continue negotiations with the EU to know their views on the food and medicine trade under sanctions," said Wellings.

" Lots of work should be done, but we do not undermine the opportunity . Iran has population of 80 million, this is a big prospect for UK and EU to provide food to this market," he noted.

The European Union has proposed the creation of Special Purpose Vehicle (SPV) proposal, for Iran transaction and an alternative for SWIFT, but so far the plan has not been realized.

UK Foreign Secretary Jeremy Hunt's recent trip to Tehran has brought the speculations that UK intend to improve trade relations with Iran.

"I have not read Hunt's report on Iran. As far as I know it was a good trip and talks were positive. In terms of UK, I can assure that we continue this issue to operate SPV, so the work will be easier and we witness progress," Wellings said.

"The process takes time and to create financial channels, we should be patient. Transaction according to Euro, Pound or the currency of the hosting country are the issues that should be considered," he noted.

Referring to future of agricultural ties between Iran and the UK, the official noted that Great Britain supports The Joint Comprehensive Plan of Action alongside other EU members.

"But considering the effects of the US sanctions on our agricultural and food ties, I have to say there are many issues to be discussed. We can not ignore the opportunity for Europe. The current situation created many opportunities to trade with Iran but the financial mechanism should functioning," Wellings explained.

Subscribe to Trend in Google News! Subscribe
Weekly actual topics in Azerbaijan (April 16-20)
Weekly actual topics in Azerbaijan (April 16-20)
Weekly tenders in the region (April 16-20)
Weekly tenders in the region (April 16-20)
Last week’s laws, orders and decrees in Azerbaijan (April 16-20)
Last week’s laws, orders and decrees in Azerbaijan (April 16-20)
Loading Bars
Latest
IGB to have two audits after being commissioned
Azerbaijan’s 9M2021 turnover of mutual tourism services decrease
Azerbaijan discloses balance of payments in 9M2021
Time of allocating last EIB loan tranche to IGB announced
Azerbaijani minister talks number of regions to be covered by STEAM educational project
Turkmenistan supports measure by int'l community to fight COVID-19 consequences – minister
EIB allocates third tranche of loan for IGB
Banks of Azerbaijan to optimize their information security in 2022
School to be restored after residents return to Aghali village of Azerbaijan's Zangilan – minister
Uzbekistan among countries with cheapest electricity
Azerbaijan completes design of school № 1 in Shusha city – minister
Azerbaijan's Unibank to expand online services
Azerbaijan notes increase in aluminum export in 10M2021
Azerbaijan's Bank Respublika introducing modern authentication-based open banking
Two dead as result of mine explosion in Dashalti village of Shusha
Iran records decrease in production of several mining products
Azerbaijan’s 10M2021 oil exports to France revealed
Azerbaijan considers providing media entities with preferential loans
Azerbaijan's AzeriCard to launch expanded form of contactless payment system
Iran’s Shahid Tondgooyan Petrochemical Company to boost production
EBRD allocates loan to Azerbaijani engineering-manufacturing company
Proposal made to apply tax incentives to media entities in Azerbaijan (PHOTO)
Turkey reveals passenger traffic at new Istanbul airport over 11M2021
Azerbaijan sees growth in cotton products export volume for 10M2021
Four factors to shape next steps of OPEC+ in 2022
RBI pegs GDP growth at 9.5%, inflation at 5.3% for 2021-22
Oil market lagging behind that of natural gas in terms of balances
Azerbaijan identifies remains found in Caspian Sea
Azerbaijan notably increases export volume of plastic products for 10M2021
Dangerous to fully trust accuracy of minefield maps provided by Armenia - Azerbaijani president's special representative
Azerbaijan plans to rebuild ‘Imarat’ stadium in Aghdam - special rep of president
India's Ola Electric raises $200 mn funding, valuation touches $3 bn
SOCAR AQS completes drilling of another well at Gunashli field
Iran’s IAC shares data on activities of airports in Ardabil Province
Turkmenistan commissions new gas field
Bitcoin demonstrates sustainability as financial resource - FARI Solutions
Georgia releases COVID-19 data for December 9
Georgia’s sheep exports down
Indian RBI sees GDP growth at 9.5% but warns of Omicron risk
GECF intends to create an Electronic Trading Platform
Byju's buys Austrian math-learning co GeoGebra
Azerbaijani oil prices increase change
Azerbaijan to be represented by Deputy Foreign Minister Khalaf Khalafov at 3+3 format meeting
General Bipin Rawat played key role in cementing India-US defence ties: US
Bangladesh: Shringla calls on Sheikh Hasina, discusses forthcoming visit of President Kovind
Kazakh gas producing company opens tender to buy steel pipes
Kazakhstan begins construction of new ferroalloy plant in Ekibastuz
Cargo movements in Iran's Fereidoonkenar port down
Iran sees increase in exports via customs of West Azerbaijan Province
SOCAR among main suppliers of motor gasoline produced by ORLEN to Ukraine
First meeting of cooperation platform in 3+3 format to be held in Moscow
Azerbaijan plans to begin formation of legal framework for open banking in 2022 (PHOTO)
Kazakhstan’s oil and gas company opens tender for equipment repair
Azerbaijani, French ambassadors discuss results of Sochi meeting in Russia
U.S.-Israeli firm Tipalti raises $270 mln at more than $8 bln valuation
Uzbekistan shares domestic COVID-19 data for December 8
Georgia’s wine export volume reaches historical maximum
Iranian currency rates for Dec. 9
Armenian provocation near border results in death of Azerbaijani soldier
Iran reaches new record in daily gas transportation
Oil stays on the rebound as Omicron fears ease
Russia’s Astrakhan developing transportation of goods along North-South int’l transport corridor - governor
6.0-magnitude quake strikes Japan's Kagoshima Prefecture
Japan's COVID-19 cases defy Asia rebound, yet fears remain for winter wave
Steps being taken to build new bridge over Astarachay between Azerbaijan and Iran – ambassador
Kazakh economic growth accelerates to 3.8%
U.S. envoy to return to Vienna over weekend for Iran talks
UK, Canada join diplomatic boycott of Beijing Winter Games
Russia plans to deliver another batch of S-400 systems to Turkey - Kremlin spokesman
Burkina Faso president fires PM amid security crisis
Pres. Raisi: Iran-Turkey cooperation to enter new phase
Seven U.N. peacekeepers killed in central Mali explosion
Bayern Munich 3-0 Barcelona: Xavi's side crash out of Champions League
Erdogan praises new economy model, calls for trust in policies
Olaf Scholz elected new German chancellor
Georgian gov't allows Covid-19 booster five months after last shot
Turkey’s COVID-19 numbers decrease despite winter worries
Georgia shares data on most exported goods to Azerbaijan
Iran RIPI among 25 leading patent holders in oil, gas nanotech
Johnson imposes COVID-19 'Plan B' in England to contain Omicron
Azerbaijan-Iran to take steps to increase trade turnover – Iranian ambassador
Pfizer, BioNTech vaccine neutralises Omicron with three shots
Azerbaijan proposes new version of budget rule – minister
Azerbaijan working to prepare Budget Code
Iran is ready to start co-op with Azerbaijan, Russia in synchronization of power grids - minister
Azerbaijan appoints new president of Wrestling Federation
EIB, EBRD assess financing opportunities for Georgian business
Central Bank of Azerbaijan puts into circulation new 20 qepik coin
Turkmenistan launches production of Shir deri branded shoes
Uzbek Statistics Committee publishes leading regions in terms of food production
Georgia seeks funding for underground gas reservoir construction
Uzbek Commodity Exchange announces its weekly quotes of commodities for export
Tactical-Special Exercises held in Azerbaijani Nakhchivan (PHOTO/VIDEO)
Iran and Syria to launch a joint mercantile exchange
Central Bank of Azerbaijan to put into circulation new 20 manat banknote soon (PHOTO)
Iran discloses amount of money provided for purchase of agricultural machinery
Russia’s Astrakhan Business Center in Baku to attract businessmen, humanitarian reps - governor
Oil prices expected to strengthen again in 2023
Iran`s Khodro, Saipa automakers receive green light to raise prices on cars
Azerbaijan shares predictions on GDP growth rates for 2022-2026
All news