The US and the EU have withdrawn sanctions imposed on Iran, paving the way for trade relations with the Middle-Eastern country.
The sanctions were relaxed after the nuclear monitoring body International Atomic Energy Agency (IAEA) confirmed that Iran conformed to the rules laid down by the Joint Comprehensive Plan of Action last July.
An agreement was reached in July, 2015 between Iran, the five permanent members of the UN and the EU, over curbs on Iran’s nuclear programme.
The withdrawal of the economic and financial restrictions on Iran will allow the global market to tap into Iran oil resources, while Iranian shipping companies can expand their markets beyond Asia.
However, the territorial sanctions restricting the entry of Iranian ships into US ports will continue to be effective.
The EU is expected to drop its energy embargo on Iran, and international banks will be able to recover its ties with the Iranian central bank and other firms.
The Iranian shipping company National Iranian Tanker Company (NITC) is reportedly making its first moves by inviting representatives of the international shipping world to attend its 60th anniversary celebrations in Tehran this month.
NITCmanaging director Ali-Akbar Safaei was quoted by Tehran Times as saying that Iran will act as a ‘driving force’ in the world’s maritime transportation.
"We would make a very professional cooperation with the foreign companies in all areas of activity", he added.
Iran will still be subjected to an arms ban prohibiting it from transferring ballistic missiles and other nuclear-related materials.
Image: Iran and American foreign affairs ministers at the end of negotiations in 14 July 2015, Vienna. Photo: courtesy of US Department of State.