Britain will send a trade delegation to Iran, which will be the first since the Islamic Republic signed an agreement with world powers on its nuclear program in July.
Martin Johnson, the director general of the British-Iranian Chamber of Commerce will lead the delegation, which will be also accompanied by Richard Dalton, the former British ambassador to Tehran.
The 24-member delegation will arrive in Tehran on October 2. It will be comprised of representatives from oil and gas, service, and finance sectors.
Trade turnover between Iran and Britain has increased by 25% following a thaw in diplomatic ties between Tehran and London.
Prior to the Western-led sanctions against Iran in 2011, the Iran-Britain trade was more than €623 million, compared to €256 million in 2012, which further fell to €121 million in the same year due to the escalation of sanctions, according to the Eurostat.
The figure stood at over €121 million back in 2013.
However, the two-way trade took an ascending tend in 2014 in the wake of the interim nuclear accord reached between Iran and world powers, touching €152 million.
There between the two countries amounted to €80 million in the first half of 2015, a 9 percent decrease compared to the same period in 2014.
Last month, British Foreign Secretary Philip Hammond led a diplomatic and trade delegation to re-open the British Embassy in Tehran after nearly four years without diplomatic relations between the two countries.
Representatives from Royal Dutch Shell were part of the trade delegation and met with Iranian Oil Minister Bijan Namdar Zangeneh and Central Bank Governor Valiollah Seif during the trip.
Oil giants Total and Eni have also met with Iranian officials to discuss working in Iran, which holds 9.3 percent of the world’s oil reserves and 18.2 percent of the world’s natural gas reserves.
British Chancellor George Osborne has announced plans to take Britain’s biggest-ever trade delegation to Iran next year if Tehran stays true to a nuclear deal with world powers.
In a signal of how Western ties have thawed with Iran, Britain reopened its embassy in Tehran last month and British Foreign Secretary Philip Hammond said sanctions could start to be lifted as early as spring next year.