Economy, Domestic Economy

Sanctions Affecting Competitiveness

Sanctions Affecting CompetitivenessSanctions Affecting Competitiveness

Iranian industries will experience more competition if sanctions are removed as the result of the ongoing talks between Iran and the P5+1, predicted Valiollah Afkhamirad, deputy minister of mine, industry and trade. “With the removal of the economic sanctions, Iranian products will be more competitive,” he said, as quoted by ILNA. The official described the sanctions on the Iranian banking system as damaging to domestic production, since they have added to transaction costs to a large extent.