Iran foreign trade up after JCPOA: Deputy FM

Irans deputy foreign minister said despite US attempts against Iran and moves to undermine the 2015 nuclear deal between Tehran and world powers, known as the Joint Comprehensive Plan of Action (JCPOA), trade transactions with Iran have grown since the deal came into force.

31 July 2017
ID : 1457
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Iran's deputy foreign minister said despite US attempts against Iran and moves to undermine the 2015 nuclear deal between Tehran and world powers, known as the Joint Comprehensive Plan of Action (JCPOA), trade transactions with Iran have grown since the deal came into force.

Speaking on the sidelines of a ceremony to sign a cooperation agreement between the Industrial Development and Renovation Organization of Iran (IDRO) and a Russian company operating in rail transport markets, Iranian Deputy Foreign Minister for Legal and International Affairs Abbas Araqchi hailed the agreement as a “major commercial contract”.

“We are very pleased that another major commercial contract of Iran, namely the investment (deal) between the IDRO and the Russian side, has been signed,” he said.

Araqchi further pointed to the positive impacts of the JCPOA on the country’s foreign trade and said a year and a half after the JCPOA implantation, a rising trend is seen in Iran’s foreign trade.

These partnerships have taken place despite all the attempts made by the US to disturb Iran’s atmosphere, he noted.

 Iran has ramped up efforts to renovate its aging railroad industry by attracting foreign investment in light of the Joint Comprehensive Plan of Action (JCPOA), a nuclear agreement between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) that took effect in January 2016 and terminated nuclear-related anti-Iran sanctions.

Back in April, Iran and Transmashholding, Russia’s largest railway machine-building company, finalized a memorandum of understanding (MoU) to boost cooperation in production of railroad cars.

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