TEHRAN (Tasnim) � The Australian government said on Sunday it plans to allocate $5.3 million to re-launch its trade office in Tehran following a lasting nuclear deal between Tehran and world powers.

According to a report carried by Dynamic Export website, Canberra will provide $5.3 million over the next four years for the reopening of its trade office in the Iranian capital.

The office, which closed in 2010, will be located within the Australian Embassy in Tehran and operated by the Australian Trade Commission, it added.

Earlier, Australia�s Trade Minister Steven Ciobo said Iran has significant economic potential for Australian exporters.

�It is a large regional economy with a GDP of around US$400 billion, a population of 80 million people and has some of the world�s largest reserves of oil and gas,� he said.

There has been growing international interest in ties with Iran since Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 finalized a comprehensive deal on Tehran�s nuclear program and implemented it on January 16.

The comprehensive nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions on Iran after coming into force.

By Tasnim News Agency