News ID: 189434
Published: 0659 GMT March 15, 2017

UK's Fox says commissioned work on Iran ties will help develop trade

UK's Fox says commissioned work on Iran ties will help develop trade

British Trade Minister Liam Fox said on Wednesday he had commissioned work from his department to look at how to normalize “effective payment channels” with Iran to try to open up trading opportunities.

Britain is seeking new and deeper trade relations with countries outside the European Union to strengthen its hand in divorce talks with the bloc and is targeting countries in the Middle East among other areas, Reuters reported.

Fox told a parliamentary committee that he expected to receive the findings of the report at the end of this month.

Iran has signed a flurry of deals with Western companies over the past year since the easing of international sanctions on Tehran after an accord was reached over its nuclear program.

Major global banks have so far shied away from handling Iranian-related business, citing the ongoing risk of violating ongoing US sanctions.

Central Bank of Iran (CBI) announced in June 2016 that a few small European banks were among businesses that had links to the country, including Germany-based Europaeisch-Iranische Handelsbank AG and some small Italian lenders.


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