Business Arena: 16.08

After months of negotiations, Iran is expected to reach an agreement within the framework of the Joint Comprehensive Plan of Action. This would allow the country to export its vast energy reserves on the condition that the development of nuclear technology is put to an end.

The country is reportedly closer than ever to signing the EU proposal which aims at bringing back the 2015 nuclear deal. Iran’s chief advisor Mohammad Marandi stated that the country had expressed its doubts concerning the agreement, but they are ones which can be resolved easily.

Iran is said to hold nine percent of the world’s oil reserves, around 157 billion barrels as well as 34 billion cubic metres of natural gas reserves amounting to over 17 percent of the global share.

UK to cut import taxes

The British Government has announced that starting from the beginning of 2023, the Developing Countries Trading Scheme will be launched. The deal will bring an import tax relief to products coming from impoverished and developing countries.

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