Economy, Auto

US Carmakers Eying Iran Market

US Carmakers Eying Iran Market US Carmakers Eying Iran Market

American carmakers seem to be keen on exporting cars and auto parts to Iran as Tehran and world powers hammer out the final touches to a nuclear deal, which is expected to put an end to economic sanctions against the country.

Asadollah Asgaroladi, chairman of export promotion department of Iranian Chamber of Commerce, has said that Iran "will continue to ban car imports from the US until sanctions are removed."

The US and EU have imposed sanctions on Iran over the country's nuclear energy program. Negotiations are underway to reach a long-term solution to the 12-year nuclear dispute. On April 2, Iran and P5+1 (the US, Britain, France, China, Russian and Germany) reached a framework agreement, but they need to achieve a final deal by June 30. Citing the veteran businessman, economic news website Eghtesad News said it is "too soon to start business with US companies and we merely need to import medicine and vital commodity form the US first."

Asgaroladi said Iranian companies must be conservative when it comes to doing business with America. The enovy's statement comes as some American cars are imported to Iran's free and special economic zones around the country. The various free zones allow Iranian nationals and foreigners alike the import of cars without being liable for taxation or import duties.