Commissioner: Iran-EU Trade Balance Rises by Nearly 80 Percent in Post-Sanctions Era

Commissioner: Iran-EU Trade Balance Rises by Nearly 80 Percent in Post-Sanctions Era


European Commissioner for Energy Miguel Arias Cañete announced that the volume of trade balance between Iran and the EU has risen considerably after a nuclear agreement was struck between Tehran and the six world powers (the US, Russia, China, France, Britain and Germany) in Vienna in July 2015.



"Trade between Iran and the European Union (EU) has increased by 79 percent since the implementation of the nuclear deal, also known as Joint Comprehensive Plan of Action (JCPOA) in January 2016," Cañete said.

He reiterated that the nuclear deal has paved the way for the resumption of Iran-Europe cooperation in different fields.

Iran's exports to the EU stood at 5.494 billion euros in 2016 as compared to 1.235 billion euros in 2015 due to the EU resuming oil imports from Iran following the nuclear deal.

Earlier today, Cañete opened the High-Level Conference on Climate Change, which would bring together Iranian and European policymakers as well as representatives from International organizations. The aim of the conference has been described as  reviewing progress within the Paris Agreement and discussing the role of clean energy in the transition to a low-carbon economy and urgent actions needed to adapt to the consequences of climate change.

“Only 16 months after the historic nuclear deal was signed in January 2016, trade between the EU and Iran has risen by 79%, exports from Iran to the EU have increased by 450%, and we have established a dynamic energy partnership. Now we want to take this success story one step further,” Cañete said ahead of his visit.

“The energy sector will feature prominently in our future relations and we are committed to fully tap into its economic and social potential while contributing to achieve our climate commitments,” the Commissioner added.

Cañete also met Head of Environmental Protection Organization Masoumeh Ebtekar, Minister of Petroleum Bijan Namdar Zanganeh and Energy Minister Hamid Chitchian during his visit to Tehran.


Source: Fars


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