Agricultural goods constitute the vast bulk of Australia’s exports to Iran, and Aussie Foreign Minister Julie Bishop says there is scope to widen that trade after western sanctions against Tehran over its nuclear energy program are lifted as part of a nuclear deal reached between Iran and world powers on July 14, Australian Broadcasting Corporation reported.

On a visit to Iran in April, Bishop discussed opportunities for trade that could arise in the post-sanctions era. “Prior to the sanctions our exports to Iran peaked at around $1 billion. Now exports are currently valued at $360 million, so there’s clearly room to increase our trade with Iran, should sanctions be lifted,” she said.

By Financial Tribune