[Human Events] Robert Maginnis - Economic sanctions intended to persuade Iran to stop its radical nuclear and terrorist programs are being marginalized by robust European trade with Tehran. Europe must reverse this policy or a U.S.-led military solution becomes more likely. The EU is Iran's best trading partner, accounting for 28% of its total trade in 2006 and 40% of Iran's imports. In 2006, EU exports to Iran grew 8%, providing 33% of Iran's total imports. Europe is also Iran's primary importer of energy, lapping up 88% of all Iranian energy products. According to the Conflict Securities Advisory Group, a Washington-based consultancy, an estimated 124 publicly-traded European businesses have financial interests in Iran; many of them in Tehran's energy sector. Germany leads the EU in trade with Iran with more than $5.45 billion in goods each year and Germany's central bank holds Iranian assets worth $9.2 billion. The Germans have argued that stopping trade with Tehran would cause thousands of German workers to lose their jobs.
2007-11-09 01:00:00Full ArticleBACK Visit the Daily Alert Archive