UPDATE 2-Canada lifting some Iran sanctions, says Bombardier should benefit

Fri Feb 5, 2016 1:38pm EST
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(Adds quotes from foreign minister and Conservative Party official, background on sanctions)

By David Ljunggren

OTTAWA Feb 5 (Reuters) - Canada said it was lifting some sanctions against Iran, including a ban on financial services, imports and exports, thereby allowing companies such as plane maker Bombardier Inc to compete against rivals.

In a statement on Friday, the new Liberal government said all applications for export permits would be considered on a case-by-case basis.

The European Union, the United States and other major nations have already lifted some of their own punitive measures, leading to complaints that Canadian companies were being left behind.

Foreign Minister Stephane Dion said Bombardier, as well as oil, gas, chemical and agricultural companies, should benefit.

"For them, of course, it's great news," he told reporters, citing the importance of gaining access to a market of 80 million people.

Dion said last week that if Airbus can to sell to Iran, then Bombardier should be allowed to export there as well.

Iran announced plans in January to buy more than 160 European planes, mainly from Airbus.   Continued...