Economy, Domestic Economy

S. Korea to Spread Awareness on Iran Trade

S. Korea to Spread Awareness on Iran TradeS. Korea to Spread Awareness on Iran Trade

South Korea says it will hold an information session next week to help local businesses make inroads into Iran after the lifting of sanctions on the country. The ministry of foreign affairs and the ministry of trade, industry and energy plan to hold a joint session on August 5 to help firms better understand the details of Iran’s recent nuclear deal with the US and five other global powers, according to a government press release as reported by Yonhap news agency. After years of tough negotiations, Iran and the so-called P5+1 – Britain, France, China, Germany, Russia and the US – struck a deal on July 14 aimed at limiting Iran’s nuclear program in exchange for international sanctions relief. The process of lifting of sanctions is expected to be completed in the first half of next year. During the session, the government will explain its policy on Iran and its planned revisions to trade and investment guidelines governing business with the country. The government held a similar session in April following the announcement of a tentative deal between Iran and the global powers.