Economy, Domestic Economy
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New Zealand Lifts Iran Sanctions

New Zealand Lifts Iran Sanctions New Zealand Lifts Iran Sanctions

New Zealand has lifted its sanctions against Iran after the nuclear deal went into force on Jan. 16.

Foreign Minister Murray McCully has announced steps to lift the sanctions had now been completed, opening the way for New Zealand businesses to deal with Iran again without having to get special approval from the Ministry of Foreign Affairs and Trade, Auckland-based newspaper The New Zealand Herald reported on its website on Friday. Iran was one of New Zealand’s top five export markets in the 1980s. Sanctions resulted in New Zealand commodity exports to Iran dropping to under $90 million a year in 2015 from more than $163 million in 2014. Most of it was dairy and animal products. McCully said New Zealand’s Embassy in Tehran had been reinforced to help New Zealand businesses get back into the market. “High-level visits” have also been planned for later this year. In January, the International Atomic Energy Agency confirmed that Iran had taken the measures agreed to under the July 14 deal reached between Tehran and world powers, opening the way for the lifting of sanctions on Jan. 16.

Financialtribune.com