NEWS
ECONOMY  

Iran, Germany Survey Trade Ties Amid Sanctions

Aforum entitled "Iran-Germany Commercial Relations: Situation and Prospects" was held at Tehran’s Parsian Azadi Hotel on Tuesday.

Deputy German Ambassador to Iran Oliver Schnakenberg; CEO of German-Iranian Chamber of Commerce and Industry (AHK) Dagmar von Bohnstein; President of Tehran Chamber of Commerce, Industries, Mines and Agriculture Masoud Khansari; and President of AHK in Iran Abbasali Ghassaie were among participants of this event.

The meeting was organized with the aim of surveying the present condition of bilateral trade and bottlenecks facing businesspeople from the two countries. 

The two sides explored ways of overcoming these barriers and put forward solutions to ease economic interactions, especially under the current sanctions regime imposed by the United States against Iran.

Schnakenberg said INSTEX (The Instrument in Support of Trade Exchanges) is a temporary project that tries to restore bilateral trade figures to what they were before economic sanctions were imposed on Iran.

“INSTEX is part of our measures to try and salvage the JCPOA,” he was quoted as saying by ILNA, referring to the nuclear deal Iran signed with world powers in 2015 (formally known as the Joint Comprehensive Plan of Action). 

The special-purpose vehicle was launched in January as part of a broader effort by Germany, France and Britain—the so-called E3—to preserve the 2015 nuclear agreement with Iran after the US abandoned the deal last year. 

The new body is supposed to help companies in Iran and Europe maintain trade flows in defiance of the US threat of sanctions, by offering a payments channel that is not subject to US penalties. 

However, INSTEX has been beset by delays and bureaucratic hurdles, most of which are linked to complications caused by the US sanctions. 

Latest data provided by the European Statistical Office show that with €933.66 million worth of bilateral exchanges, Germany was Iran's biggest trading partner in the EU during the first seven months of 2019.

News No: 6590
Date: 2019/10/08 - 19:08
News Source: Financial Tribune

Germany  Trade  Sanctions  Parsian Azadi Hotel  European 

Comments:

Leave a Comment:

   
   
   
 

Official: Sanctions on Iran’s Petrochemical Industry A Total Failure

Head of Iran’s most profitable petrochemical plant said foreign sanctions on the country’s petrochemical industry have ended in complete failure.
 

Slight Decline in Iran's Copper Concentrate Output

The National Iranian Copper Industries Company and its subsidiaries, including Sungun Complex, Miduk Complex and Sarcheshmeh Copper Complex, produced an aggregate of 589,669 tons of copper concentrate during the first six months of the current Iranian year (March 21-Sept. 22) to register a decline of 1% compared with last year’s similar period.
 

China's steel sector profits remain limited in October

China's steel sector profitability remained sluggish in the peak sales month of October as a slowing economy and high output rates pressured product prices.
 

Envoy: Iran, UK Can Broaden Cooperation in Trade Field

Iranian Ambassador to the UK Hamid Baeedinejad underlined that Tehran and London have the needed capacities to expand their bilateral ties, specially in trade and economic fields.
 

Official: Eurasian Economic Commission Ready to Expand Trade Ties with Iran

Minister for Trade of the Eurasian Economic Commission Veronika Nikishina voiced readiness of members of Eurasian commission to develop trade and economic cooperation with Iran.
 

FATF Extends Suspension of Anti-Iran Measures until February

The Paris-based Financial Action Task Force (FATF) gave Iran a final deadline of February 2020 to tighten its rules against money laundering in compliance with the global watchdog’s financial standards.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners