The prospect of a final nuclear accord between Iran and world powers is encouraging governments and companies to prepare for a possible lifting of sanctions, which would create business opportunities in the Persian Gulf’s most populous country.
Turkey’s Development Minister Cevdet Yilmaz said June 3 that annual trade between the countries could double to $30 billion next year if the “unfair” sanctions against Iran are lifted. Trade climbed to $22 billion in 2012, propelled by purchases of Iranian natural gas with gold (COMEX:GCN14), before tumbling to $14.6 billion last year, Yilmaz said.
The gold trade with Iran largely ended after the U.S. Senate voted to approve new sanctions against Iran, closing gaps from previous measures, including trade in precious metals.
Turkey’s engagement with Iran won’t raise objections in the U.S. or European Union, provided Turkey doesn’t break ranks in its commercial dealings with the Islamic republic, said Unluhisarcikli of the German Marshall Fund.
“So long as it plays along these lines, Turkey’s dialog with Rouhani will be more than welcome,” he said.