TEHRAN - Head of Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) Masoud Khansari met with Germany's Ambassador to Tehran Hans Odo Motzel to discuss ways of expanding economic ties.

The officials emphasized establishing new financial channels and banking ties in order to ensure the expansion of trade relations in the future, TCCIMA portal reported on Monday.

In the meeting, Motzel Emphasized his country's interest in broadening economic cooperation with Iran at all levels, noting that the U.S. presidential election and the new developments in the U.S. mark the beginning of a new chapter in relations between the two countries and German companies and businessmen are ready for expanding their activities in Iran.

“The German embassy is also ready to cooperate with the Tehran Chamber of Commerce to identify common commercial and industrial areas for cooperation between the private sectors of the two countries,” the ambassador said.

In this meeting, which was also attended by the Head of German-Iranian Chamber of Commerce (AHK Iran) Dagmar von Bohnstein, Motzel suggested that the two countries should launch a second phase of the Instrument in Support of Trade Exchanges (INSTEX) to facilitate the trade exchange between the two countries.

Khansari for his part criticized the European Union’s performance in implementing the INSTEX, calling it a great failure for the European side.

Noting that the new developments in the White House have raised hopes for lifting sanctions, Khansari added: "In the current situation, we should think about creating financial and banking channels and platforms between Iran and its trading partners beyond INSTEX.”

“With Trump leaving the White House a good opportunity will be presented for Germany as one of Iran's main trading partners to take the lead in establishing banking relations with Iran,” he added.

In the current situation when hopes for the revival of the JCPOA have increased, Iran and Germany can open a new chapter in their economic cooperation, and in this regard, TCCIMA is ready to take all necessary measures to facilitate cooperation with the German Embassy in Tehran and the country’s private sector to strengthen relations, Khansari said.

EF/MA