Top Trader Urges Removal of Impediments to Iran-UK Banking Ties

Shafeie made the remark in a meeting with the UK’s trade envoy to Iran and chairman of the British-Iranian Chamber of Commerce Lord Norman Lamont.

Shafeie urged growing cooperation to remove trade impediments and establish relations between Iran and Europe.

He highlighted positive effects of the JCPOA and said Iran and the UK are still facing a number of problems, including banking relations which is the main ground for economic relations.

Elimination of banking barriers is among terms of commitment in the JCPOA needed for promotion of Iran’s commercial cooperation with the world, said Shafeie, adding that despite removal of banking barriers of Iran after the JCPOA, many

European banks are still worried that based on the US regulations, they will be subject to sanctions and penalty.

He said the European banks propose using clients through Iranian companies, while the fact is that since Iranian units are small and medium-sized it is practically unlikely to remove the problem that way.

He said that resumption of relations of two Iranian banks with the UK banking system is important. He urged removal of barriers posed by LCs and inter-banking exchanges.

“Iranian banks will provide necessary support and access to the finance channels along with export insurance coverage will result in promotion of Iranian risk status in international indices, ” he added.

He then underlined promotion of diplomatic cooperation and issuance of trade visas for economic activists and traders and said facilitation of visa issuance is one more effective step towards expansion of commercial ties between the two countries.

Need to non-European markets can serve as an opportunity for expansion of ties with Iran as a country which has had background of cooperation with Britain, said Shafeie, adding that bilateral or multilateral works in the region may be the result.

Lamont for his part called for removal of negative points and more positive commonalities, urging more dialogue to allay misunderstanding.

“We are at the start and in the long-term, more favorable events will take place,” he added.