Iran allowed to trade more freely with Britain after IAEA approved deal
Date
1/17/2016 6:51:14 AM
(MENAFN- Kuwait News Agency (KUNA)) LONDON Jan 17 (KUNA) -- Iran will be able to trade more freely with Britain after the latter said that it would provide extensive economic and financial sanctions relief worth GBP 50 million as a result of Tehran's meeting its obligations under the January 16 nuclear deal.The announcement was made a day after the International Atomic Energy Agency's verification that Iran had met its requirements as part of a comprehensive agreement on the country's nuclear programme."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" said a statement by the British Foreign Office's UK Trade and Investment department (UKTI)."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."Cover is now available on a case-by-case basis in Pounds Sterling and Euros. Within this and in recognition of the UK's place as a global centre of excellence for financial and professional services UKEF will make available a GBP 50 million facility guaranteeing payments to UK professional advisory service providers advising the government of Iran" added the statement.Explaining what this advice consists of the department added that it "can cover advice on areas such as accounting standards capital market development compliance with global regulatory requirements accessing and reducing the cost of financing and facilitating new trade."UKEF will also consider applications for direct lending to purchasers of British exports to Iran. To improve UK-Iran trade UKEF will work directly with the Export Guarantee Fund of Iran and the Iranian Ministry of Economic Affairs and Finance.Commenting on the announcement Minister for Trade and Investment Lord Francis Maude said that the British government "fully supports expanding our trade relationship with Iran and we would encourage UK businesses to take advantage of the commercial opportunities that will arise from sanction relief."Following the reopening of the British Embassy in Tehran in August last year UKTI now has a presence on the ground to support trade between our two countries."UK Trade and Investment and UK Export Finance will be leading a whole of government approach to engage with UK companies to ensure that we are well equipped to benefit from increased trade with Iran as the country re-establishes itself within the international business community" he concluded. (end) mrn.sd
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