Report: Europe Seeking to Create More Niche Positions in Iran Market


Report: Europe Seeking to Create More Niche Positions in Iran Market

TEHRAN (Tasnim) - European economic and trade entities are keen on carving out more niche positions in Iran’s market in the wake of the successful conclusion of nuclear talks between the Islamic Republic and six world powers, a report said.

According to an article published by The New York Times on August 1, before the ink was even dry on the Iran nuclear accord, European leaders and executives were heading to the airport to restart trade with an Iranian market described in almost feverish terms as “an El Dorado” and potential “bonanza.”

The article added that for the Europeans, the nuclear agreement has the potential to reopen a rare market of some 75 million people that was long prized before European nations joined the broader sanctions against Iran in 2012.

“As recently as 2011, the European Union imported 17 billion euros, or $18.7 billion, in Iranian goods and exported €10.5 billion, according to the European Union’s Directorate-General for Trade,” it further added.

Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14 reached a conclusion on a lasting nuclear agreement that would terminate all sanctions imposed on Tehran over its nuclear energy program after coming into force.

The promising prospect of trade with Iran has prompted major European countries to explore the market potential in the populous Middle East nation.

Earlier in July, a high-ranking German delegation led by Vice-Chancellor Sigmar Gabriel visited Iran as the first foreign delegation in Tehran after the nuclear conclusion.

Spain has also plans to send its ministers of trade, energy and tourism, along with a 40-strong trade delegation, to Iran in early September.

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