Iran Nuclear Deal

Part of the debate – in the House of Commons at 12:48 pm on 8th May 2019.

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Photo of Mark Field Mark Field Minister of State 12:48 pm, 8th May 2019

Let me first thank my hon. Friend for all the hugely important work that he does. He is our trade envoy to Libya, which is obviously a difficult role, but in the past he was our Minister for Africa in the Foreign Office, and I know that his contribution there is remembered very fondly.

My hon. Friend has made a good point about the special purpose vehicle, which is important because it will ensure that we see genuine and lasting sanctions relief. The SPV is designed to facilitate legitimate trade under both European and international law. Its immediate focus will understandably be on the facilitation of trade where the immediate needs of the Iranian people are greatest—the humanitarian needs for foodstuffs, agricultural products, pharmaceuticals and trade in consumer goods. That will obviously have an impact on UK companies wishing to trade with Iran, as well as benefiting the Iranian people. The UK, France and Germany are the initial owners and shareholders of the SPV, but we are working with other interested EU member countries that may also wish to play a formal role in these initiatives.