Australia’s government announced Monday it will reopen its trade office in Iran later this month.
According to a report carried by Australia’s ABC News on Monday, Canberra will re-launch its office in the Iranian capital ahead of a visit by the country’s Minister for Trade and Investment Steven Ciobo to Tehran this week.
A business delegation led by Ciobo is expected to discuss rebuilding trade ties between Iran and Australia after a very long hiatus.
"There are significant trade opportunities as Iran re-engages with the world following the easing of sanctions," Ciobo told ABC following the announcement.
"There's opportunity in a myriad of areas, from agribusiness and food through to education, training and water management and not to mention the fact that we, of course, have a really strong and powerful track record in relation to resources and energy — something that is in abundance in Iran as well,” he added.
Back in May, the Australian government said it planned to allocate $5.3 million to re-launch its trade office following a lasting nuclear deal between Tehran and world powers.
There has been growing international interest in ties with Iran since Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 finalized a comprehensive deal on Tehran’s nuclear program and implemented it on January 16.
The comprehensive nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions on Iran after coming into force.