Britain Minister of State for Trade and Investment Francis Maude has said London is hopeful of smoother economic ties with Iran subsequent to the appointment of Britain’s ambassador to Iran.
Minister Maude was quoted as saying this during his appearance with Iranian Industry, Mining, and Trade Minister Mohammad Reza Ne’matzadeh on the sidelines the World Trade Organization’s 10th Ministerial Conference, which opened on December 15 in Nairobi, Kenya, according to the IRNA news agency.
In the meeting, Maude welcomed Iran’s approach to bolstering economic collaboration with the global community, asserting that the decision is in the best interest of the global community.
Too, Maude showed eagerness to collaborate with the post-sanctions Iran given the changed face of the country.
Besides, in the session, Ne’matzadeh highlighted facilitation of banking ties between Iran and Britain and saw bilateral cooperation possibilities in the petrochemical sector.
Referring to Iran’s WTO accession status, Ne’matzadeh laid emphasis on the need for a quicker consideration of the dossier, asserting that all member states are better off throwing their weight behind Iran’s membership as they all benefit from the accession.
Another highlight in Ne’matzadeh’s remarks was the prospects of a wider bilateral economic nexus between Iran and Britain on the back of the implementation of the nuclear pact clinched between Iran and world powers over Iran’s nuclear program in Vienna on July 14.
Prior to the Western-led sanctions against Iran in 2011, the Iran-Britain trade topped €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.
Trade between the two countries amounted to €80 million in the first half of 2015, down 9 percent compared to the same period in 2014.
Bilateral relationship between Iran and Britain has been prone to fluctuations over the past decades with Britain’s tough line on Iran’s nuclear dossier and Iran closing the Britain’s embassy in Tehran in 2011 mudding the waters further.
However, the nuclear deal struck between Iran and six major world powers has triggered a flurry of European visits, as evidenced by Foreign Secretary Philip Hammond re-opening the British embassy in Tehran and visits to Tehran of British trade delegations.