News ID: 170536
Published: 0641 GMT October 18, 2016

US eyes economic ties with Iran

US eyes economic ties with Iran

By Fereydoun Majlesi

The US Treasury Department has recently decided to loosen anti-Iran sanctions, relaxing rules on foreigners doing dollar-dominated transactions with businesses in the nation.

The new rules allow transactions with entities in Iran that aren’t under sanctions.

The Treasury's decision implies that the US has realized that its hostile approaches toward Iran over the past decades have backfired.

US President Barack Obama will leave the White House soon as polls suggest his Democratic colleague Hillary Clinton may succeed him. Hence, Obama does not want to create tensions for Clinton in case she is elected as the next US president.

Besides, the White House seeks to benefit from economic ties with Iran. A few months ago, Iran reached a deal to buy 100 planes from US planemaker Boeing. Washington does not want to lose such golden opportunities. Likewise, other US industrial sectors and its companies can take advantage of Iran's investment potentials.  

The decision by the Treasury to loosen anti-Iran sanctions will help ease tensions between Tehran and Washington. But it will not end more than three decades of estrangement between the two countries in the short run.

Nonetheless, the decision can help Iran and the US get involved in other logical activities.

Meanwhile, economic opportunities will help the two nations resolve their problems through talks.

Although Iran needs to boost its foreign trade, it should explore ways to increase its economic growth.

Peace and stability are among factors which promote economic growth. Hence, resolving the ongoing conflicts in the region paves the way for boosting ties with other nations in the economic, cultural and tourism sectors.



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