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Growing trade between Iran and European Union following implementation of the nuclear deal

A New Era for Iran: Trade With EU Grows 79 Percent on Nuclear Deal Implementation http://www.albawaba.com/business/new-era-iran-trade-eu-grows-79-percent-nuclear-deal-implementation-970660  May 4th, 2017 Iran’s exports to the European Union have increased by over 300 percent after the implementation of the historic 2015 nuclear agreement between Iran and the P5+1 group of countries, European Climate Action and Energy Commissioner Miguel Arias Canete says.

Speaking at the first-ever Iran-EU Business Forum on Sustainable Energy in Tehran on Saturday, Canete added that trade between Iran and the union showed 79 percent boost following the implementation of the nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), IRNA reported.

According to figures released by the European Union’s statistics agency Eurostat in February, Iran’s exports to the EU stood at €5.494 billion in 2016 as compared to €1.235 in 2015 due to the EU resuming oil imports from Iran following the nuclear deal.

Canete expressed the 28-nation bloc’s keenness to cooperate with Iran in the nuclear energy sector and said the JCPOA prepared the ground for the resumption of Iran-EU cooperation.

The commissioner reiterated the EU’s support for the nuclear agreement and said Iran and the union started to cooperate with each other in different sectors in 2016 and managed to sign many agreements.

He urged both sides to continue to upgrade their cooperation and expressed hope that the ongoing forum in Tehran would lay the ground for interaction in clean energy. He noted that he would help European firms make more investment in Iran.

Under the agreement, limits were put on Iran’s nuclear activities in exchange for, among other things, the removal of all nuclear-related bans against the Islamic Republic.

Following the conclusion and implementation of the JCPOA, Iran and EU member states launched cooperation and signed several agreements in various fields.

More than 50 European companies and business associations and some 40 Iranian energy companies are participating at the Tehran forum with the purpose of enabling business relations and partnerships between Iran and the EU and laying the ground for further cooperation and joint partnerships in the energy sector.

It will provide a platform for investors and businesses to look into investment opportunities for clean energy, renewable energy efficiency and energy conservation actions in Iran.

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May 5, 2017 - Posted by | business and costs, EUROPE, Iran, politics international

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