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Trade between Britain and Iran is beginning to grow and the government is working to resolve banking sector concerns which are limiting further expansion, British Trade Minister Liam Fox said Wednesday. Fox said Anglo-Iranian relations had improved since Britain reopened its Tehran Embassy last year and that Britain would work to expand bilateral trade following Brexit.The administration of U.S. President Barack Obama has tried to promote deeper international trade for Iran while still limiting U.S. business engagement due to sanctions that bar U.S. banks from doing business with Iran and prevent transactions with Iran in dollars being processed through the U.S. financial system.Fox said the government was working with the banking sector to find a solution for Iranian payments, and that Britain was well-placed to help private Iranian banks modernize.
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