TEHRAN: There between Iran and UK amounted to €80 million in the first half of 2015, a 9 percent decrease compared to the same period in 2014, according to the EU statistics agency Eurostat.
Prior to the Western-led sanctions against Iran in 2011, the Iran-UK trade was more than €623 million, compared to €256 million in 2012, which further fell to €121 million in the same year due to the escalation of sanctions.
However, the two-way trade took an ascending tend in 2014 in the wake of the interim nuclear accord reached between Iran and world powers, touching €152 million.
The UK exported €64 million of goods to Iran compared to €16 million import from Iran in the same period.
The British-Iranian Chamber of Commerce (BICC) is in the vanguard of promoting the reestablishment of trade between UK and Iran, and its offices. BICC director general Martin Johnston is hoping to lead the UK first trade delegation to Tehran in years this October.
The delegation will include 15 VIPs and experts from energy, law, engineering and other sectors, who will examine opportunities in the emerging Iranian market.
Strong prospects for pharmaceuticals, medical exports, agricultural and general engineering products are likely, and it is understood that Shell and BP are interested in investments that would offer opportunities in the British oil and gas supply chain.
