NewsCase StudiesEvents

Partnership agreement strengthens UK's export relationship with Iran

Also in the news...

Preparing for the Customs Declaration Service

Find out what you need to do to prepare for making declarations on the Customs Declaration Service.

Online Business Set-Up: 5 Tips to Help Your Website Rank in the UK

If you’re setting up a new online business, having a user-friendly website and sound SEO strategy that’s tailored to your target market is important. And if you’re targeting British consumers, there are a few SEO boxes you can tick to ensure you rank well on UK-based searches and drive the right traffic back to your website.

Check if you’re established in the UK for customs

Find out whether you're established in the UK for customs purposes.

Carry out international road haulage

What UK goods vehicle operators need to do to carry out international road haulage.

Import firewood into England, Scotland or Wales

Find out how to import firewood, such as logs and kindling, into England, Scotland and Wales (Great Britain).

Partnership agreement strengthens UK's export relationship with Iran

Back to News

UK Export Finance (UKEF) and the Export Guarantee Fund of Iran (EGFI) have committed to enhancing trade and economic co-operation with a Memorandum of Understanding in a move designed to help British businesses export.

Under the agreement, UKEF, the UK’s export credit agency, and EGFI, the Iranian state-owned credit insurance company, will work together to identify opportunities for trade in capital goods, equipment and services between the two countries. It also allows the parties to co-finance and co-guarantee financing for projects or contracts in third countries involving British and Iranian exports.

The memorandum follows the extensive sanctions relief Iran received earlier this year, as a result of which UKEF immediately reintroduced cover to support UK companies seeking to compete for business in Iran.

Lord Maude, Minister for Trade and Investment, welcomed the agreement, saying:

The UK government is working to build a strong and long-term partnership with Iran, and trade is fundamental to this. Agreements such as this one between UKEF and EGFI will help British businesses realise the opportunities that economic re-engagement will bring.

Louis Taylor, UKEF’s Chief Executive Officer, said:

UKEF is committed to supporting UK businesses’ ambitions to trade with Iran, and to playing its part in the whole of government effort to expand our trade relationship.

Working with EGFI will enable us to provide our customers with comprehensive advice and support as they look to trade with Iran. Through this partnership we can identify – and help create – real opportunities for UK exporters.

Seyed Kamal Seyedali, CEO and Chairman, said:

EGFI welcomes this partnership. Closer cooperation with UKEF will help create opportunities for UK businesses to play their part in realising Iran’s plans for rapid economic and infrastructure development. The agreement will also help EGFI to support Iranian exporters as they look to trade with the UK.’

gov.uk


You are not logged in!

Please login or register to ask our experts a question.

Login now or register.