36% Rise in Iran, Britain Trade Turnover

According to the Eurostat, the value of commercial transactions between the two countries reached over 133 million Euros between January and October, showing a 36 percent rise compared to the same period last year.

Britain exported 99.5 million Euros worth of goods to Iran in the ten-month period while its exports to Iran in the same period in 2013 stood at 71.4 million Euros.

The West European country’s imports from Iran also saw a 28-percent growth, hitting 33.8 million Euros, the report said.

Tehran-London relations became tense three years ago. On November 27, 2011, a large majority of Iranian lawmakers voted to downgrade diplomatic ties with Britain, following Britain's decision to impose sanctions on the Central Bank of Iran.

Later, a group of angry Iranian students stormed the British embassy in Tehran and pulled down that country’s flag.

Following the incident, Britain withdrew its diplomatic staff from the country on November 30 and asked Iran’s diplomatic delegation in London to leave within 48 hours.

Iran and Britain agreed in October 2013 to appoint non-resident chargé d’affaires as a first step toward reopening their respective embassies.

The development followed a September 2013 meeting between Iranian Foreign Minister Mohammad Javad Zarif and the then British foreign minister William Hague in New York, during which the two top diplomats discussed ways to improve Tehran-London ties.

Following Iranian President Hassan Rouhani’s “constructive interaction” policy with the world since August 2013, particularly after an interim nuclear deal between Tehran and six major world powers in November that year, Western countries have shown growing interest in enhancing economic ties with Iran.

An earlier report released by the Eurostat in November had revealed that the value of trade transactions between Iran and the 28 member states of the European Union in September 2014 witnessed a 58 percent increase, compared to the same month last year.