Above: Pars Khodro production line of Renault Megane
According to the BBC:
French carmaker Renault has reported a huge fall in profits for the first half of 2013 after writing off the entire value of its business in Iran.
Net income for the six months to June fell 87% to 97m euros ($129m; £83.7m), down from 774m euros a year earlier, a statement said.
The firm took a 512m-euro charge after halting its activities in Iran because of international sanctions imposed over the country's nuclear programme.Sanctions are a two-way street. In place of European (and potentially American) cars, Iran is importing and assembling Chinese models.
Without sanctions, carmakers such as Renault and GM would be making considerable profits with Iranian commerce. Boeing would be manufacturing and selling more airplanes; General Electric would be building ten more nuclear reactors, etc, etc.
Imagine what peace and rapprochement with Iran would mean to American economic recovery, and the American employment it could generate.
File Photo: Pars Khodro