UK Business Secretary to visit Iran to boost ties

Baku, Azerbaijan, March 25

By Emil Ilgar – Trend:

UK Secretary of State for Business Sajid Javid, heading an economic delegation, would visit Iran in April, Mehr News Agency reported on March 25.

According to the report, Javid said during the meeting with Iranian charge d’affairs in the UK, Mohammad-Hassan Habibollahzadeh, that UK supports boosting economic relations with the Islamic Republic.

“UK supports Iran to joint the World Trade Organization,” Mehr quoted Javid as saying.

UK signed a deal to simplify the financing of exports to Iran in early March.

UK Export Finance and the Export Guarantee Fund of Iran signed a memorandum of understanding (MoU) to facilitate exports and trade exchanges between the two countries on March 7.

According to the MoU, the two countries will cooperate on insurance coverage and financing of the two countries’ traders.

Iran has received extensive economic and financial sanctions relief as a result of meeting its obligations under the nuclear deal agreed on 14 July 2015, meaning the country is now able to trade more freely.

On January 16, Implementation Day was triggered following the verification by the International Atomic Energy Agency of Iran meeting its requirements as part of a comprehensive agreement on Iran’s nuclear program. This has resulted in the termination of EU nuclear related financial and economic sanctions, and the suspension of US nuclear related secondary financial and economic sanctions.

As a result, UK Export Finance (UKEF), the UK’s export credit agency, has reintroduced cover to support UK companies seeking to compete for business in Iran.

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