President Trump announced his decision to effectively pull out of the 2015 Iran nuclear deal signed between China, France, Germany, the Russian Federation, the United Kingdom, the United States, the European Union and the Islamic Republic of Iran. The deal formally known as the Joint Comprehensive Plan of Action (JCPOA) aims at haltering Iran’s nuclear ambitions in exchange of the gradual lift of economic sanctions.

BusinessEurope President Emma Marcegaglia commented: “President Trump’s unilateral decision not to renew waivers of key U.S. sanctions on Iran, is a clear step back and risks creating political and economic instability in the region and beyond. BusinessEurope underlines the value of joint, multilateral efforts in the field of sanctions. We believe this is the most effective way to achieve policy objectives while ensuring harmonious and coordinated implementation of the measures by governments, institutions and economic operators.”

Regarding the impacts on the European business sector, she added: “At this moment it’s not easy to quantify the possible economic impact of the U.S. withdrawal on European business activities. As representatives of European companies of all sizes we need legal clarity and we count on the support of the EU institutions and Member States’ governments to help business to deal with the current uncertainty and its negative consequences.”

Source: BusinessEurope

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