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We welcome today’s announcement that the Government of Canada is lifting the broad ban on financial services, exports and imports with Iran.

Canada’s current economic strength is in exports. Opening an additional market to Canadian companies is good for the economy. The lifting of economic sanctions against Iran will allow Canadian companies to remain competitive with their European and American counterparts, since both the European Union and the United States are in the process of lifting their respective economic sanctions against Iran.

Following years of economic sanctions, the Iranian market will need to catch up in many sectors. This pent-up demand can be a great opportunity for Canadians. In particular, the oil field service and equipment companies that are suffering in Western Canada will welcome this change, as will the auto parts manufacturers of Ontario. Other sectors likely to benefit from the lifting of the sanctions are engineering, construction and aerospace.

We congratulate the government on this responsible decision and are committed to working with the government to re-establish ties on all levels with Iran.

Canada has a proud record of international activism and standing by its allies. Now that we have confirmation by the International Atomic Energy Agency that Iran has fulfilled all necessary commitments, it is only normal that we should move in the same direction as our allies and lift these economic sanctions. We look forward to, once again, having Iran as a trading partner.

Quick facts

  • Iran is a market of 80 million people.
  • Canadian exports to Iran reached $772 million in 1997.
  • Taking into account demand trends and increased capacity, exports are expected to exceed that number.
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