The historic interim deal over Iran’s contested nuclear program will begin to be implemented from Jan. 20.
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Iranian President Hassan Rouhani will court global business in Davos next week after winning an easing of some economic sanctions, but any trade bonanza for his country depends on the long-term success of nuclear diplomacy.The White House Thursday released a summary of last November's interim deal between Iran and six world powers under which Iran agreed to stop production of 20 percent enriched uranium by Jan. 20 .Iran will be able to spend $4.2 billion in unfrozen funds over six months, although most sanctions remain pending a long-term agreement.French automakers Renault and Peugeot attended an automotive conference in Iran already last November, while Iran's ancient airline fleet may one day offer opportunities to Boeing and Airbus.European oil majors were among the last big Western firms to abandon business with Iran in 2012 and may be among the first to return. Sanctions have cut Iran's oil exports by more than half over the past 18 months to about 1 million barrels a day, and Oil Minister Bijan Zanganeh plans an investment conference in London later this year, Iranian officials say.The relaxation of sanctions may also ease gas exports from Iran, he said.
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