US must take practical measures to assist banks trading with Iran

Sir Richard Dalton, President of British-Iranian Chamber of Commerce emphasizes that the government of United States should take practical measures to assist banks trading with Iran, AVA Diplomatic reports.

Following is the interview with Mr. Dalton by IRNA:

How do you see the outlook of Trade with Iran?

I feel that the outlook for economic relations between Iran and the UK both in Trade and investment are positive.

There are interests of many British companies in renewing their friendship with Iranian partners.

We have led delegations to Iran to introduce new companies with the assistance of the Iran and British Chamber of Commerce in Tehran and we look forward to hosting more Iranian Business people here in London.

We are also working hard to resolve the problems that are still in impeding some trades namely the reluctance of some banks to finance transactions with Iran.

How soon can the banking issue be resolved? It is partly resolved. Quite a large number of small and medium size banks and finance institutions are now working with European companies willing to do business with Iran. But there is not sufficient capacity yet in the finance market for supporting all those companies who wish to expand their business and undertake large contracts.

Works need to be done by governments who have to give strong signal here in Europe and North America to their banks that in the context of lifting the sanctions, it is safe and welcomed for them to do business and there is still some work to get that message through to banks.

Also the banks themselves need to renew their procedures and they need to have more confidence in the assurances given to companies by the US in particular.

Good assurances have been given and we are working to follow them up.

United States sincerely wants to see trade with Iran develop. Iran has carried out its obligations under the nuclear agreement and so has the US.

The American government still needs to take practical measures to assist European and North American banks to do business with confidence with Iran.  Between 2003 and 2006, Dalton was UK ambassador to Iran.