Iran-UK trade ties boom following thaw in diplomatic ties

A recent report by Eurostat shows that trade turnover between Iran and the UK has increased by 25%.

A recent report by Eurostat shows that trade turnover between Iran and the UK has increased by 25%.

Trade turnover between Iran and the United Kingdom has increased by 25% following a thaw in diplomatic ties between Tehran and London.

Data released by Eurostat showed that the volume of trade between the two countries leaped 25% year-on-year to €152 million in 2014.

The figure stood at over €121 million back in 2013.

According to the report, Britain exported €113 million worth of goods to Iran in 2014, showing a 27% percent rise compared to a year earlier.

The United Kingdom also imported €39 million worth of goods from Iran last year, a 21% rise compared to 2013, the Tasnim News Agency reported on Monday.

Boost in trade ties between Tehran and London came after a diplomatic thaw in bilateral relations.

Iran and the UK officially resumed direct diplomatic ties in February after the two countries severed diplomatic relations in 2011.

Meanwhile, the total trade turnover between Iran and the 28 member states of the European Union grew by 20% year-on-year and reached €6.2 billion in 2014

Business relations between Iran and the European Union are expected to boom after the unilateral sanctions imposed on the country are lifted as part of a looming nuclear deal between Tehran and the five permanent members of UN Security Council plus Germany.

By Press TV