Iran says a delegation from the US Treasury will visit Berlin next week to unlock banking technicalities that are obstructing trade between Iran and Germany.   

Ali Majedi, Iran’s Ambassador to Germany, has been quoted by the media as saying that the US Treasury delegation will be high-ranking and that it will try to arrive at a common understanding about the openings in banking issues that have been created after the removal of sanctions against Iran.

Majedi emphasized that Tehran views this in line with Berlin’s seriousness to resolve the remaining hurdles that are preventing the restoration of trade with the Islamic Republic back to normal due to the now-defunct regime of sanctions.

The main hurdles, he said, include complications over insurance and banking services that will be addressed during the trip by the US Treasury delegation to Germany.

Elsewhere in his remarks, Majedi emphasized that Germany can use Iran as a production hub to supply the regional markets.

He said that the Islamic Republic offers unique advantages to German investors to the same effect.  Those advantages, he said, including vast natural resources as well as a large population of educated workforce.

The current volume of trade between Iran and Germany stands at about €2.5 billion and officials from both sides have already expressed hope that this would rise to as high as €10 billion before 2020.

Several German trade delegations have so far visited Iran to explore the avenues for investing in the Islamic Republic.

The biggest delegation arrived in Tehran in July comprising 60 businesspeople. The delegation was the first foreign delegation visiting Iran after the country signed a nuclear deal with the P5+1 and was headed by the German Vice-Chancellor Sigmar Gabriel.