Over 5,000 German companies look for trade with Iran: business official

(Sunday, February 3, 2019) 08:42

Michael Tockuss, a senior member of the German-Iranian Chamber of Commerce has expressed his optimism about the newly established Europe’s trade mechanism for Iran, saying it can pave the way for trade with the country.

Michael Tockuss, a senior member of the German-Iranian Chamber of Commerce, made the remarks in reference to a trade mechanism which was announced by the foreign ministers of three European major countries of France, Germany and the Britain on Thursday called INSTEX (Instrument for Supporting Trade Exchanges) to facilitate legitimate trade between European economic operators and Iran.


Tockuss described launching the INSTEX as promising event, saying that trade with Iran cannot be stopped.


The German business official that at the moment, only major German companies have suspended their activities in Iran due to US sanctions, adding that the Germans export 200 and 250 million Euros worth of goods to Iran per month.


He further added that between 5,000 and 7,000 small and medium-sized German companies still look for trade with Iran. This is while the focus of US sanctions is on large companies whose transactions are conducted through Iranian banks in Germany or Iran's shipping lines.


He added that the US administration is intimidating and pressuring the German companies not to do business with Iran.


Tockuss also said the US officials through the media are threatening the European companies to choose between either trade with Iran or the United States, while adding that there are many companies who do not have any business with the United States and they can use the unveiled mechanism to trade with Iran regardless of US pressures.


He said that from time to time, some German economic agents, who do business with Iran, contact him asking “if they will be arrested or tried when they travel to the United States?” He added that his answer to them is “no, as no threat will face them.”