Iran’s exports, domestic production to rise by 20 percent following removing sanctions

TEHRAN (ISNA)- Iran’s exports and domestic productions would rise at least by 20 following removal of sanctions imposed on Iran over its nuclear program, said Head of Iran’s Trade Development Organization Valiollah Afkhami-Rad.

“The short-term effect of easing sanctions will be rise of exports and domestic productions at least by 20 percent,” he said.

“We will witness good progress in exports and domestic productions comparing to the similar period last year in case sanctions will be eased which will be lifted for sure.”

The Iranian official further noted that the effects of lifting sanctions will not be seen in short term and it takes time until sanctions are officially lifted and money transactions could be done normally.

On July 14, Iran and the G5+1 group of countries – the US, the UK, Germany, France, China, and Russia – reached the conclusion of negotiations over Tehran’s civilian nuclear program, with the Islamic Republic and the sextet sealing an agreement.

Based on the agreement, Iran and the six powers agreed that all economic and financial sanctions against Iran will be removed through a Security Council resolution. In addition, all bans on Iran’s Central Bank, shipping, oil industry, and many other companies will be lifted.