Economy, Domestic Economy

Australia to Reopen Iran Trade Office

Australia to Reopen Iran Trade OfficeAustralia to Reopen Iran Trade Office

Australian resources and agricultural businesses will get more access into Iran after the government said it plans to reopen a trade office there later this year following meetings with Iranian Foreign Minister Mohammad Javad Zarif in Canberra on Tuesday.

The trade office, which closed in 2010, will be based inside the Australian Embassy in Tehran and help boost export and investment opportunities, Australia’s leading business and finance newspaper The Australian Financial Review reported.

“Austrade will provide support to Australian businesses immediately from its office in Dubai and will establish a permanent presence within the Australian Embassy in Tehran from the second half of 2016,” a spokesman for Trade Minister Steven Ciobo said. The Australian Trade Commission, or Austrade, is the Australian government’s trade, investment and education promotion agency. It is a statutory agency within the foreign affairs and trade portfolio, with offices in overseas embassies and consulates, and representative arrangements in other locations. Ciobo said trade was about $350 million a year under sanctions and would only rise after the January nuclear deal.

“The recent lifting of sanctions has created opportunities for Australian business in areas we excel: mining equipment, technology and services sectors and the supply of our agricultural commodities such as barley and wheat,” Ciobo said. “Austrade has also identified opportunities for commercial cooperation in the health and medical and education and skills training sectors.” Austrade officials visited Iran in November after a visit by Foreign Minister Julie Bishop, earlier last year.