International Trade Secretary Liam Fox was quoted by the media as telling an Iran-UK trade forum in London that relations between the two countries had specifically started to improve after London reopened its embassy in Tehran.

Fox also added that Britain would work to expand bilateral trade following the vote to leave the European Union.

We are seeing the first signs of growing trade between the UK and Iran

“Slowly but with increasing enthusiasm, British companies are starting to do business with Iran again … We are seeing the first signs of growing trade between the UK and Iran,” he told The Second Iranian Trade Conference – New Prospects for British-Iranian Trade and Investment.

Fox further acknowledged that banking problems which still remain as a result of primary US sanctions against Iran are still preventing the full expansion of trade ties with the Islamic Republic.

He emphasized that the British government has already put the resolving of those problems at the top of its priorities.

“The banking sector’s ongoing concerns about facilitating payments or providing financial services means that the benefits of sanctions relief are not yet being fully realized. Resolving these problems remains a priority for this government,” Reuters quoted him as saying.

Fox said the government was working with the banking sector to find a solution for Iranian payments, and that Britain was well-placed to help private Iranian banks modernize.

London expects to see gradual movements by banks into Iran over the next few months

On the same front, Justine Walker, director of financial crime with the British Bankers’ Association (BBA), which represents the industry, said London expects to see gradual movements by banks into Iran over the next few months.

Walker emphasized that a majority of British banks are eager to expand their relations with the Iranian banking sector.

She also added that the BBA will support the banks that are interested in the expansion of relations with the Islamic Republic, IRNA reported.

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The meetings indicate Iran’s importance for the leaders in order to expand their economic and political relations, particularly after the last year nuclear agreement between Tehran and P5+1 group of countries.

Iranian President Hassan Rouhani and British Prime Minister Theresa May met for the first time on the sidelines of the 71st UNGA session in New York.

During the meeting, Rouhani lauded the promotion of ties between Tehran and London, and called the nuclear deal a great development and a basis for closer bilateral cooperation.

Obstacles to economic cooperation

He also called on all parties of the agreement to fulfill their obligations, adding that until all the technical obstacles in banking and insurance services are not removed, the other side’s commitments are not fulfilled. Rouhani said the UK can take the key step in this regard.

The British premier hailed the expansion of Tehran-London relations in political and economic fields in recent years and said Britain would back further development of ties.

Heading a high-ranking politico-economic delegation, Rouhani arrived at John F. Kennedy International Airport on Tuesday.

Main trade partner

Rouhani also held a meeting with Italian Prime Minister Matteo Renzi where he stated that during the post-deal era Italy has the opportunity to become Iran’s main trade partner in Europe.

“Recent bilateral trips are a turning point in relations and a sign of determination of the two nations and governments to bolster cooperation,” said Rouhani.

On January 16, Iran and the five permanent members of the UN Security Council – the US, Britain, France, China and Russia – plus Germany started implementing the Joint Comprehensive Plan of Action (JCPOA) they had clinched on July 14, 2015. Under the nuclear agreement, Iran agreed to limit its nuclear program in return for the termination of all nuclear-related sanctions against the Islamic Republic.

“Both sides must be committed to the JCPOA’s terms that can provide the basis for strengthening regional peace and security,” Rouhani added.

Fight against terrorism

In a separate meeting with Turkey’s President Recep Tayyip Erdogan on the fringes of the event, Rouhani said Iran and Turkey can play a key role in the fight against terrorism in the region.

“Terrorism is a threat to all of us and the two countries (Iran and Turkey) can play an important role in the fight against terrorism and insecurity in the region, Syria and Iraq in particular,” Rouhani said.

Erdogan thanked Iran for supporting the Turkish government in the early hours of this year’s failed coup attempt in his country on July 15, saying that Ankara is confident that Tehran will continue its support for its neighboring country.

“Iran and Turkey are two major Islamic countries in the region,” he added, noting that the two countries can cooperate and play a “determining” role in defusing the ongoing crises and establishing security in the region, particularly in Syria and Iraq.

Rouhani also met French President Francois Hollande and Slovenian President Borut Pahor on Tuesday.

The Iranian president is scheduled to deliver a speech at the General Assembly session on Thursday. He is also scheduled to meet with senior officials of other countries as well as a number of political and economic elites.

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