The deadline for the ‘fixing’ of the Iran Nuclear Deal by Donald Trump is almost here and experts are exploring the loopholes in the approach.
Jarret Blanc, a coordinator for the implementation of the Iran Nuclear Deal, has brought to light some of the possible negative impacts that Donald Trump’s hostile attitude for Europe could bring about ( which included possible economic dangers and impacts).
From an economic point of view, quitting the Iran nuclear deal could greatly hamper both US and EU, and possibly give rise to an economic and legal onslaught between the two. EU could retaliate with numerous international legal councils that could lead to a war of trade, in some ways. The EU could also approach the WTO.
The EU on The Iran Nuclear Deal
In a scenario, where EU does approach the WTO, several more areas, apart from the Iran Nuclear Deal, that point to a broken cooperation could be brought to the surface. The World Trade Organization addresses all issues where trade has been affected, even though a valid policy may have been used. EU could further use the ‘blocking regulations’ approach that had been put in place in an earlier scene in the 1990s.
Will Quitting the Iran Nuclear Deal Only have economic implications?
Although highly unlikely, EU could pull back the purchase of oil from Iran. But again, this is not really a possibility.
Laura Holgate, a former representative of the UN, explored the possibility of EU uniting with the US against Iran over the testing of missiles and the hostile behaviour in the region. She explained that a rational Iran Nuclear Deal would allow everyone to pay much-deserved attention to the larger issues. She believes a rational discussion with the EU, about the Iran nuclear deal is required, and the best way to achieve this is by sincere discussion at the moment.
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