On July 14, Iran and the UN Security Council’s permanent members, and Germany arrived at a landmark agreement, regarding Iran’s nuclear programme. The deal, negotiated over nine years, the last two of which were the most intense, has been hailed as “historic” by its supporters and castigated as a “historic failure” by its detractors. It will, in essence, constrain Iran’s nuclear programme and ability to manufacture a bomb by reducing its uranium enrichment capacity for the next 10-15 years. In exchange, UN and western sanctions against Iran that were first imposed in 1979 and became more stringent in subsequent years, will begin to be gradually lifted as the International Atomic Energy Agency signs off on Tehran’s compliance with its Non-Proliferation Treaty obligations.
This will bring Iran back into the global economic and political flow. The agreement, called the Joint Comprehensive Plan of Action (JCPOA), holds the key to unshackling Iran’s economy, and strengthening Iran’s currency, the value of which dropped against the dollar from 3,000 rial in 1995 to 29,089 rial now. It will also provide opportunities for Iran’s educated and outward-looking population, nearly 70% of which is below the age of 30. They have long desired an end to isolation and a rapprochement with the West.
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