(VOVworld) – Canada lifted its economic bans against Iran on Friday, paving the way for Canadian companies to approach Iran.

Canadian companies will now be able to position themselves for new trade opportunities,’ Trade Minister Chrystia Freeland says. (Photo: David Rowland/AP)

The bans lift came after a nuclear deal Iran reached with six powers took effect on January 16^th. International Trade Minister Chrystia Freeland said Canadian companies will now be able to position themselves for new trade opportunities, but Ottawa will also maintain rigorous controls of any exports that raise serious proliferation concerns.
Ottawa asked to resume diplomatic relations with Tehran, which has been broken off since 2012. In 2013 Canada imposed the trade sanctions on Iran, including economic embargoes and travel restrictions against Iran’s 78 officials and 508 organizations. Canada’s exports to Iran peaked 556 million USD in 1997 and declined to 48 million USD in 2014, mostly food products exempted from the sanctions.