Global

Trade

EXPLAINED

The exciting world of Global Trade has many abbreviations behind which complicated concepts and constructs are to be found.​ We explain what they all mean and are gradually building a library of all important terms in the world of customs & global trade. Free for everyone to use.

 

Do you have a term that needs explaining? 

SUBMIT IT TO INFO@CUSTOMSMANAGER.COM and we will provide you with the answer you are looking for. 

JCPOA

The Joint Comprehensive Plan of Action (JCPOA) on Iran’s nuclear programme was concluded on 14 July 2015 after many years of diplomatic efforts led by the EU High Representative between China, France, Germany, Russia, the United Kingdom and the United States, on the one hand, and Iran, on the other hand. Iran agreed to strict limitations to its nuclear programme in exchange for the lifting of nuclear-related sanctions.

 

These were lifted on 16 January 2016 after the International Atomic Energy Agency (IAEA) had verified that Iran had fulfilled its commitments. On that day, the EU legislative framework providing for the lifting of economic and financial nuclear-related sanctions entered into effect.

 

Since then, the IAEA has issued 15 verification and monitoring reports confirming that Iran is complying with the JCPOA. Following the decision of the United States (US) to withdraw from the JCPOA and re-instate previously lifted sanctions, the EU and its Member States have emphasised their continued commitment to the full and effective implementation of the JCPOA, including efforts to ensure the positive effects of sanctions-lifting on trade and economic relations between Iran and the EU.

Last updated: 02.10.2020