JCPOA Helped Remove Economic Clogs

JCPOA Helped Remove Economic Clogs

A deputy foreign minister highlighted the merits of the 2015 nuclear deal with major powers, saying it has helped revive key sectors of the domestic economy.
"After the implementation of JCPOA and removal of cruel sanctions, many clogged economic paths were cleared and today we witness a surge in oil production and sale," Morteza Sarmadi was also quoted as saying on Monday by IRNA.
He was using the formal title of the historic agreement, the Joint Comprehensive Plan of Action reached by Iran and world powers.
Next month, it would have been in force for one year to lift international sanctions targeting the Islamic Republic's major economic sectors, including oil and banking, in return for time-bound constraints on its nuclear program.
Years of international sanctions severely undermined Iran's global position as a top oil exporter. However, it has managed to recoup much of the lost market share.
Sarmadi said promoting trade with other countries lies at the core of the Foreign Ministry's agenda.
"Attracting foreign investment and helping increase non-oil exports are being given serious attention in the economic tasks entrusted to our missions abroad," he said.
Iran has complained over the remaining US sanctions that include a ban on the use of the dollar and the US financial system to clear Iran-linked transactions.
Overseas banks and firms have backed away from Iran's lucrative yet opaque market, fearing they might incur huge fines for unwittingly falling foul of US restrictions.
"Counteracting Iranophobia and US pressures is on the Foreign Ministry's agenda to develop trade relations and improve business activity," Sarmadi said.
Adding to complications, US Republican lawmakers, who control the House of Representatives and Senate and unanimously oppose JCPOA, have introduced frequent anti-Iran measures to interfere with the nuclear deal's implementation.
In its latest move, the US Congress almost unanimously passed a bill to extend for a decade the Iran Sanctions Act, which was first adopted in 1996 to target Iran's energy sector. It became law without requiring the signature of US President Barack Obama.
The deal's failure to bear the promised benefits so far and the renewal of the US sanctions law have been seized upon by Rouhani's conservative rivals ahead of the 2017 presidential election to reinforce their criticism of the action plan championed by him.
They insist it has conceded too much to the other side and compromised the redlines of the establishment.


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