February 5, Ottawa—The Canadian Chamber of Commerce welcomes today’s announcement that the Government of Canada is lifting the broad ban on financial services, exports and imports with Iran.
“Canada’s current economic strength is in exports. Opening an additional market to Canadian companies is good for the economy,” says the Hon. Perrin Beatty, President and CEO of the Canadian Chamber of Commerce.
The lifting of economic sanctions against Iran will allow Canadian companies to remain competitive with their European and American counterparts, since both the European Union and the United States are in the process of lifting their respective economic sanctions against Iran.
“Following years of economic sanctions, the Iranian market will need to catch up in many sectors. This pent-up demand can be a great opportunity for Canadians. In particular, the oil field service and equipment companies that are suffering in Western Canada will welcome this change, as will the auto parts manufacturers of Ontario,” says Mr. Beatty.
Other sectors likely to benefit from the lifting of the sanctions are engineering, construction and aerospace.
The Canadian Chamber of Commerce congratulates the government on this responsible decision and is committed to working with the government to re-establish ties on all levels with Iran.
“Canada has a proud record of international activism and standing by its allies. Now that we have confirmation by the International Atomic Energy Agency that Iran has fulfilled all necessary commitments, it is only normal that we should move in the same direction as our allies and lift these economic sanctions. We look forward to, once again, having Iran as a trading partner,” says Mr. Beatty.
- Iran is a market of 80 million people.
- Canadian exports to Iran reached $772 million in 1997.
- Taking into account demand trends and increased capacity, exports are expected to exceed that number.
The Canadian Chamber of Commerce is the vital connection between business and the federal government. It helps shape public policy and decision-making to the benefit of businesses, communities and families across Canada with a network of over 450 chambers of commerce and boards of trade, representing 200,000 businesses of all sizes in all sectors of the economy and in all regions. Follow us on Twitter @CdnChamberofCom.
G. Will Dubreuil
Director, Public Affairs and Media Relations
The Canadian Chamber of Commerce