Long-standing international sanctions against Iran could be dropped. That’s pretty astonishing given that, in the eyes of many Westerners, the country remains a pariah. The Lausanne framework agreement, which emerged after fraught negotiations in early April, means Iran – easily the world’s most significant isolated nation – could be returning to the global stage.
Even under sanctions, Iran’s $450bn economy is already among the top 25 largest on earth. Home to 81m people, it could soon get a lot bigger still. Since Hassan Rouhani became President in mid-2013, there’s been talk not only of Western rapprochement, but of Iran as an investment destination. The image Rouhani conveys – a moderate cleric, with a doctorate in law from a British university – contrasts sharply with that of his predecessor Mahmoud Ahmedinejad, a firebrand religious hardliner.