Professor Amir Masoodian discusses the implications of the US's possible return to the Iran nuclear deal
The Shipping Economics and Finance expert says the impact on international trade could be huge.
"While it remains to be seen how US President-elect Joe Biden’s policies may take shape, the likelihood of the new administration rejoining the Iran nuclear deal - three years after President Donald Trump declared the United States’s withdrawal from the deal – is high. The impact of this on international trade, and Iran, could be huge. It would mean the release of billions of dollars of funds - that were previously blocked due to US sanctions – to help revive Iran’s fractured economy. These funds came from the sale of crude oil, petroleum products, and petrochemicals which Iran could use to import goods and products from neighboring countries.It would also mean the revival of the Iranian shipping industry, which has long been crippled by US sanctions. Shipping companies will now be able to open their routes to Iran, and this could encourage greater trade within the Middle East."
Professor Amir Masoodian is Professor of Shipping Economics and Finance at the Business School. He is also a faculty member of the School's Costas Grammenos Centre for Shipping Trade and Finance.