Iran-Germany trade to double by 2020

German businesses expect to see their trade volume with Iran double within the next five years if the sanctions against Iran are removed as the result of an emerging final agreement with P5+1 over the Iranian nuclear energy program.

, the president of German-Iran Chamber of Commerce, has emphasized that the value of trade between the two countries could reach at least €5 billion from the current level of €2.4 billion once the sanctions against Iran are lifted.

Meanwhile, the German Chambers of Commerce and Industry (DIHK) has been quoted by the German media as announcing that Iran-Germany trade will reach €12 billion over the coming years in spite of tough Russian, Turkish and Chinese competition on the Iranian market.

Also, the German Machinery and Mechanical Engineering Association (VDMA) has emphasized that it expects a rising Iranian demand for German industrial machinery once the sanctions against Iran are removed.

VDMA, which represents over 3,100 mostly medium­sized companies in the industrial machines sector, has also called on German banks “to end their restrictive monetary policies’ when it comes to trade with Iran”, reports add.

“The revision by German banks on their policy on conducting business with Iran needs to be done now and not in late summer,” said Ulrich Ackermann, the head of VDMA foreign trade section, as quoted by IRNA.

Iran and the P5+1 group of countries are working on a final agreement over the Iranian nuclear energy program that has a deadline of June 30. A key point of the agreement will be the removal of a series of economic sanctions on Iran.

By Press TV