Economy, Domestic Economy

Calls to Sort “Banking Issue” After Iran Beef Deal

Calls to Sort “Banking Issue” After Iran Beef DealCalls to Sort “Banking Issue” After Iran Beef Deal

Irish beef from across the EU may soon be destined for Iran following a new export deal.

EU’s Agriculture Commissioner Phil Hogan said significant progress had been made toward facilitating beef exports from the EU to Iran in the short term, FarmIreland, a publication of daily newspaper Irish Independent reported on Tuesday.

Hogan said the new arrangements are expected to be in place in 2018.

However, EU sources on Monday agreed that the Central Bank in Dublin must play a role in facilitating Irish exporters’ financial transactions with Iran, the Middle East’s second largest economy.

Both AIB and Bank of Ireland currently have restrictions in place, which makes trading extremely difficult.

“The banking issue needs to be addressed urgently now that a deal has been struck. That’s for the Central Bank to sort,” an EU source said.

Ireland has been working to seek new markets for its €2.4 billion beef trade with a surge in numbers of cattle on the ground due to the rise in the dairy herd post-quota and with fears over the impact Brexit may have on the valuable UK trade.

Australian Agriculture Minister Michael Creed, who is currently leading a trade mission of 25 dairy and meat companies to Japan and South Korea, has pointed out the importance of new markets in light of Brexit.

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