TEHRAN (Tasnim) � Italy and Iran have signed a memorandum of understanding (MoU) on expansion of maritime and port cooperation following the conclusion of the Joint Comprehensive Plan of Action (JCPA) between Tehran and world powers, a report said.

Italy's largest container terminal operator Contship Italia and Iran�s Sina Port and Marine Company (SPMCO) will develop their bilateral ties in the fields of maritime trade and ports as a prelude to further expansion of trade volume between the two countries.

�This MoU represents a great opportunity and milestone for the involved countries in this historical period marked by a new level of economic cooperation and political relationships," Contship said in a statement, Sea Trade reproted on Monday.

SPMCO is Iran�s biggest port operator and listed on the Tehran Stock Exchange and the MoU was also signed on behalf of Eurogate by Contship.

Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14 reached a conclusion on a lasting nuclear agreement that would terminate all sanctions imposed on Tehran over its nuclear energy program after coming into force.

The promising prospect of trade with Iran has prompted major European countries to explore the market potential in the populous Middle East nation.
Earlier in July, a high-ranking German delegation led by Vice-Chancellor Sigmar Gabriel visited Iran as the first foreign delegation in Tehran after the nuclear conclusion.

Spain has also plans to send its ministers of trade, energy and tourism, along with a 40-strong trade delegation, to Iran in early September.

By Tasnim News Agency