The complicated relationship between the U.S. and Iran continued to evolve after a flurry of events over this past weekend. The U.S. lifted sanctions on targeted sectors of the Iranian market as part of implementing a key part of a multi-lateral agreement concerning Iran’s nuclear enrichment program, while new sanctions were imposed on persons and entities involved in ballistic missile testing from last December. The sanctions relief opens up a new potential market for billions of dollars in trade, but also presents a reminder to those looking to do business in Iran that vigilance over the complex web of sanctions and export controls is essential.
The U.S. and 11 partner nations have reached an agreement on the Trans-Pacific Partnership (TPP). The agreement will lower trade barriers and set commercial rules for the participants, which make up 40% of the global economy.
The U.S. Trade Representative and international counterparts concluded negotiations on Monday over several contentious issues, including the opening of U.S. agricultural markets in Japan and Canada, and the tightening of intellectual property rules for pharmaceuticals and technology.