Iran Nuclear Deal to reduce Nuclear weapon threat but may fuel Middle East conventional arms race

A nuclear deal between Iran and six world powers, the US, UK, France, China, Russia and Germany has been struck, binding Iran on limiting its nuclear activity in return for the lifting of international economic sanctions.

The lifting of sanctions is seeing rush of foreign companies, particularly European countries like Germany, France and Spain, while the American firms are at disadvantage as U.S. sanctions not related to nuclear deal are still in place. Iran offers plenty of opportunities, has world’s fourth-largest oil reserves, second-biggest stores of natural gas, with 80 million people, $400-billion economy and well-established manufacturing and agricultural industries.