Private sector steps up effort to salvage Iran’s economy

Tehran, Iran, June 10

By Kamyar Eghbalnejad - Trend:

Iran’s private sector is gearing up to use its utmost effort to boost trade cooperation between Tehran and the EU nations following Washington’s pullout from the 2015 nuclear deal between Tehran and world powers, a report said.

On May 8, US President Donald Trump refused to stay in the nuclear deal, known as JCPOA. Trump also said he would reinstate US nuclear sanctions on Iran and impose "the highest level" of economic bans on the Islamic Republic.

The EU, UK, France and Germany, who were among the major negotiators of the JCPOA back in 2015, scrambled to salvage the deal, telling Washington that they would continue to support the agreement and that they did not favor the new US sanctions on the Islamic Republic.

The new US sanctions will take six months to kick in, but a number of European companies have already halted their businesses in Iran despite verbal pledges by their governments to protect them against any fallout.

According to a report by the Trend news agency’s correspondent in Tehran on June 10, representatives from Iran’s private sector are mulling plans to increase the volume of the country’s trade transactions with Europe dramatically both in value and weight.

Head of Iran Chamber of Commerce, Industries and Mines Gholam Hossein Shafei, a veteran in business transactions, is leading them and trying to fully explore the existing potential.

To that end, a delegation from Iran’s private sector investors will leave Tehran for France and the Netherlands on June 24 to step up their effort in line with boosting their trade with the EU in the areas of clean energies, oil, gas, petrochemistry, transportation and agriculture during their 5-day visit.

Iranian President Hassan Rouhani, at the head of a high-ranking economic delegation, is also scheduled to travel to Switzerland and Austria on July 1 to discuss the development of ties in the fields of banking, insurance coverage, gasoil, and food, the report added.

Last week, 20 Norwegian businessmen held talks with Iranian officials and explored ways to improve mutual ties between the two nations in the sectors of oil, gas, fishery, food and transportation.

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