French Businesses, Officials to Preempt American JCPOA Walkout

French businesses and foreign and finance ministry officials will meet next week, as they work together to understand better the consequences of US President Donald Trump’s refusal to certify the 2015 Iran nuclear deal.

Multinationals Total and Peugeot are among the most high-profile companies to have signed new deals since the nuclear agreement, formally called the Joint Comprehensive Plan of Action, that provided sanctions relief for Iran and dozens of smaller French firms have also moved in or are looking to tap the Iranian market, Reuters reported.

According to an invitation sent to companies by the Medef business group, officials from the foreign ministry, finance ministry and France’s business office in Tehran will offer on Tuesday an “analysis of the consequences of the non-certification” by Trump of the accord.

European capitals are determined to keep alive an accord that offered Iran an economic lifeline and the Paris government wants to know how its companies might react to the US move.

Trying Not to Be “Overly Alarmist”

“We’re still assessing how firms are reacting to the Trump decision, but we are trying to not be overly alarmist with them,” said a French diplomatic source.

While Trump did not pull the United States out of the agreement, he gave the US Congress 60 days to decide whether to reimpose economic sanctions on Tehran that were lifted under the pact agreed between Iran and six world powers.

source: Financial Tribune