Europe Shows Interest In Trade As Economic Sanctions In Iran Have Been Lifted

As the Western economic sanctions on Iran have been officially revoked, Europe has seen a great potential for trade in technology and other goods in the country.

In an article last week, The Guardian highlighted the trip big economic players in Europe immediately took to Tehran, as an agreement to limit the nuclear program led by Iran was signed. A crowd of businessmen and ministers flocked to the markets of the capital city for trade, which are due to reopen.

"We are talking here about 80 million people who need energy supplies, who naturally also need healthcare, who want to get back off their knees in the oil and gas businesses," said chief executive of Siemens in Germany Joe Kaeser. "There are opportunities and chances."

On the other hand, World Politics Review reported on Aug 20 that, for the last five years under sanction, Iran's economy has been undervalued by other countries. But, now, it poses as a threat to other nations' growth. Its economic reputation took a downfall following the sanction imposed on the country and a Western narrative alienating Iran politically because of the issue on its nuclear program.

Despite its economy hit due to the sanctions, its economy hasn't been affected greatly. In fact, it is still in the top 20 of the world's metal producers, ahead the U.K. and France. It is also among the world's top five cement producers.

Surpassing Brazil and Turkey, its market penetration on internet and mobile have also increased continuously.

In the face of sanctions, oil production was greatly affected, but the country was able to acquire a small production of excess gas during the previous years.

Despite the trade fiasco and Europe's rush to do economic business with Iran, the U.S. have been calm and hushed on the matter.

"But three, four or five years from now, I can see them going to congress and saying, 'The Europeans are making a mint, while we're off in the side lot' and asking for a change," said Richard Nephew, a leading expert in US sanctions.