Australian Trade Delegation Visits Tehran

By John Lee.

Australian Trade Minister Steven Ciobo is leading a high-profile delegation to Tehran, aimed at re-establishing commercial ties in several sectors.

According to a report from The Australian, the delegation includes Qantas, Cochlear, GrainCorp, LiveCorp, WorleyParsons and the universities of Melbourne and Sydney.

Mr Ciobo met his Iranian counterpart, Mohammad Reza Nematzadeh, and they witnessed the signing of an MoU between Australia’s Export Finance and Insurance Corporation and the Export Guarantee Fund of Iran to help improve transparency for Australian businesses looking for opportunities in the Iranian market.

Mr Ciobo said:

There remain challenges around banking facilitation in dealing with Iran … I would just stress this is not a line of credit between the two agencies, so it won’t in that respect mean that commercial export finance is easier to obtain.”

“It works so that you’ve got a situation where businesses can share information about, for example, an upcoming deal, so if you have an Australian exporter looking at exporting to Iran then they would be in a situation where they are able to receive assistance in verifying, as part of a due diligence process, what circumstances are on the other side.

(Source: The Australian)

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