Germany and Iran to step-up economic cooperation following nuclear deal

German Finance Minister Sigmar Gabriel arrived in Iran with an economic delegation on Sunday for three-day visit to revive economic cooperation between Germany and the Islamic Republic.

Gabriel, who is also deputy to Chancellor Angela Merkel, said prior to the visit that Iran’s nuclear agreement with the P5+1 represents the basis for normalising economic relations with Iran.

“To achieve this condition, we are currently performing the steps set forth in the agreement,” he added.

Gabriel is scheduled to meet with Iranian President Hassan Rouhani and a number of Iranian ministers on Monday.

German economic circles hope to create new incentives for economic cooperation with Iran during Gabriel’s visit to Tehran.

The president of Germany’s Chamber of Commerce and Industry, Eric Schweitzer, told the German Press Agency DPA that Gabriel’s visit is a “signal to encourage” German companies that have lost a lot of market shares in Iran over the past few years.

Schweitzer said Iran’s nuclear agreement does not represent only an important turning point in political terms, but also in economic terms.

Under the Joint Comprehensive Plan of Action (JCPOA) nuclear agreement, Iran will be prevented from developing a nuclear weapon in return for the gradual lifting economic sanctions.

The German Chamber of Commerce and Industry called on the government to take economically beneficial actions.

Schweitzer stressed the need to provide protection to any concluded deals in case Iran violated the nuclear agreement’s terms.

“Such actions will give German corporations the necessary legal guarantee in order to return back to Iran,” he added.