As we are getting closer to the anniversary of the conclusion of The Joint Comprehensive Plan of Action (hereinafter, “JCPOA”) between the P5+1 Group of countries and Iran, the American business owners are wondering if they can benefit from the 80 million lucrative market of Iran.
While reports indicate that the trade between the two countries has risen to $20.4 million dollars, many still wonder how to do business with Iran. The US sanctions relief allowed, among other things, for sale and lease of commercial airplane; importation of Persian rug and foodstuff for human consumption; and, sale of medical devices to Iran. Sanctions relief also facilitated the trade by permitting the financial systems like SWIFT to work with Iranian banks and financial institutions.
One question is in what commodities are these trades? The more fundamental question is why it is not more and what are the unanticipated obstacles that were not anticipated a year ago? Is there more to this than just the instability of the region, the country’s economy and the snap back provision of JCPOA?
The answer is yes. For more information on these questions, join us on July 28th for a one-hour seminar on the topic. Register here.
– Pouyan Bohloul, J.D.
Attorney at Law (Iran)