7 Sep 2015 – Australian trade with Iran could boom if sanctions are lifted: foreign minister

There’s hope trade between Australia and Iran, which used to be worth $1 billion could be restored, if sanctions on the Middle Eastern country are lifted.

Agricultural goods constitute the vast bulk of exports to Iran, and foreign minister Julie Bishop said there was scope to widen that trade if United Nations sanctions on Iran were lifted, as part of a nuclear deal with the United States.

The deal between Iran and the US is gaining support within US congress, and its passage could begin a process that sees sanctions on the Middle Eastern country lifted.

Most agricultural trade to Iran exists outside of the US and Australian sanctions on Iran, but should it meet its obligations under the new deal, Ms Bishop predicted Australia’s services, technology and mining sectors could also get a foot in the door.

http://www.abc.net.au/news/2015-09-07/julie-bishop-trade-iran/6751132