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 


Leave a Comment:


Eurofer seeking CVD on Turkish HRC

European steel association Eurofer has filed an anti-subsidy complaint against Turkish exporters of hot-rolled flat steel with the European Commission, alleging that low-priced and subsidised imports are harming the European market.

TPO launches integrated system for processing NDF loan requests

Head of Trade Promotion Organization (TPO) of Iran announced the launching of an integrated system for processing the requests for loans (in local currency rial) submitted to the National Development Fund (NDF).

Non-oil exports to neighbors can be doubled in 2 years: TPO head

The head of Iran’s Trade Promotion Organization (TPO) says the country is capable of doubling non-oil exports to its neighbors in two years.

S. Korea Sending First Humanitarian Cargo

South Korea will send to Iran $500,000 worth of medicine this week, the foreign ministry in Seoul said, in the first such humanitarian exports to the country since the United States tightened anti-Tehran sanctions last year.

Iran Sees 13.5% Growth in Non-Oil Exports Last Year

Export volume of non-oil commodities in the last Iranian calendar year [ended March 19] stood at 133.9 million tons, showing a 13.5% surge as compared to the previous year, head of Iran’s Mine House Mohammad Reza Bahraman said on Wednesday.

Tehran, Yerevan discuss expansion of customs, trade ties

During a meeting via video conference between Iran’s Trade Promotion Organization (TPO) Head Hamid Zadboum and Armenia’s Deputy Minister of Economy Avag Avanesyan, the two sides explored the ways for boosting bilateral cooperation in the customs and trade areas.
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners