Iran-UK volume of economic relations doubles

Iran-UK volume of economic relations doubles
ID : N-432 Date : 2017/10/11 - 13:49

(Persia Digest) – The UK Ambassador to Tehran, Nicholas Hopton, has said that the volume of trade between the two countries has increased by twofold since relations resumed.

In an interview with ISNA, he said that the first priority was to keep and implement the JCPOA, and added: ‘The UK Government fully supports the JCPOA nuclear deal with Iran, because it is the best option for peace and stability in the region. It can also act as a basis for expanding Iran-UK relations.’

This British diplomat confirmed the slow progress in economic and banking interactions, especially in the context of the JCPOA, and said the process of engagement has taken longer that was hoped for.

British banks and financial institutions do not have the level of confidence at this moment to fully engage in business with Iran and support trade, he said. This trust will be created over time as mutual relations increase and Iran gradually enters the global economy scene.

He added that more reforms were also needed in the banking system of Iran and that he was pleased the Financial Action Task Force (FATF) had announced at its last major meeting that Iran had made good progress in meeting the standards required.

Hopton went on to say that the UK Government is endeavoring to reassure the economic sector and facilitate progress on both sides. But, it must also be said that this is their own decision. They are private banks and they make their own decisions independently of the state.

He reiterated: ‘British companies are now engaging with Iran. Large companies such as Shell, Rolls Royce, British Airways, and Airbus are conducting high level business with Iran and this certainly helps promote relations between our two countries.’

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