Iran-UK trade volume up by 50% after JCPOA

MNA – The latest annual report issued by Iran-UK chamber of commerce indicates a nearly 50% increase in the trade transactions between the two sides after the signing of Iran nuclear deal in 2015.

According to the latest annual report issued by Iran-UK chamber of commerce, the volume of trade exports between Iran and UK in 2015, when the landmark Iran nuclear deal was signed with the 5+1 group of countries, has increased from 112.9 million euros to 171.5 million euros in 2016.

This is while the volume of trade transactions between the two sides had dropped considerably from 2011 to 2013 due to the economic and financial sanctions imposed against Iran under the pretext of the country’s nuclear program.

According to the report, the volume of trade exports between Iran and UK stood at 203.5 million euros in 2011, and dropped to 119.6 million and 89.4 million euros in 2012 and 2013, respectively.

The increase of trade transactions between the two sides since 2015 indicates the impact of the implementation of Iran nuclear deal on revitalizing the level of economic relations between Tehran and London.