German exports to Iran could rise 500% in 5 years if sanctions are lifted

German flag Iran FlagWith German exports to Iran already growing by 30% a year, a lifting of sanctions could lead to a 500% increase of goods and services heading south over the next five years, according to estimates from the Association of the German Chambers of Industry and Commerce, and the country’s exporters are just waiting for sanctions to be lifted so that they can take full advantage of the opportunities that Iran offers. 
 Speaking at a press conference in Berlin last week, the President of the Federation of German Wholesale, Foreign Trade and Services (BGA) Anton Boerner said that his members were waiting for a return to the “good old days” when trade between the two countries flourished. “The fact is that we have had exquisite relations with Iran for one hundred years, and we have always done good business there,” he said. Boerner’s optimism was boulstered by a recent report from Germany’s Federal Statistics Office which showed that Germany’s export to Iran grew by 30% last year to reach €2.4bn. This was partly due to a relaxation of the sanctions pertaining to insurance for ship transport and the delivery of car and aircraft parts. 
The Group 5+1 (the United States, China, Russia, Britain, France and Germany) are seeking to negotiate an agreement with the Islamic Republic on its nuclear program. Iran says that any agreement would have to be conditional on the removal of all sanctions.

Source: TREND