TEHRAN: Three European businesses bodies, the chambers of commerce of France, Germany and the UK have formed an alliance to facilitate business between Iran and the European Union.
The progress between Iran and six world powers over Tehran’s controversial nuclear program, multinational companies are beginning to prepare for an eventual lifting of sanctions against the Islamic Republic.
But despite the thaw at the political level, European companies feel impeded in trading with Iran, in part because many banks refuse to handle their payments. The companies fear their American rivals will be able to move first once sanctions are lifted.
Their main concern is that European companies face often-complicated national regimes to approve exports to Iran while their U.S. counterparts operate with a unified, clearer export approval process.
Already, U.S. exports to Iran have more than tripled between 2006 and 2013 to $313 million. EU sales to the Islamic Republic have more than halved to €5 billion from €11 billion during the same period, says Martin Johnston, director general of the British-Iranian Chamber of Commerce (BICC).
