Trade minister leads delegation to Iran


Steps to increase trade with Iran have been taken this week, with a delegation including 20 senior businesspeople visiting Tehran, Austrade reopening its office, and an MoU signed to try and overcome remaining financing difficulties for companies.

Trade minister Steven Ciobo led the delegation, which included executives from Blackmores, Cochlear and GrainCorp.

“I will re-open the Austrade office in Tehran, which has been closed since 2010. The office will play an important role in helping Australian business navigate the market,” the minister said in a statement.

“With a population of almost 80 million people and a GDP of about US$393 billion, Iran’s re-engagement into the global economy offers many opportunities.”

Ciobo witnessed, with Iranian trade minister Mohammad Reza Nematzadeh, the signing of an MoU aimed at making financing more transparent for businesses.

The Australian reports that this was signed by the Export Finance and Insurance Corporation and Iran’s Export Guarantee Fund. It aims to assist businesses better understand the remaining financial sanctions in Iran.

Sanctions related to Iran’s nuclear program were eased in January. It has been isolated from global trade for a decade.