Japan and Iran are set to reach an agreement soon on a bilateral investment treaty that will help Japanese firms start the development of oil fields and other business operations in the Middle East nation, informed sources reported.
According to Japan News, the sources added that the agreement is expected to be reached when Japanese Foreign Minister Fumio Kishida and his Iranian counterpart Javad Zarif hold talks on Monday, after intergovernmental negotiations that started about a month ago.
Western and other countries are expected to lift economic sanctions against Iran as early as next year, but the Japanese government is said to have lagged in taking measures to help Japanese firms expand their businesses in Iran compared to European nations and China.
A bilateral investment treaty is designed to ease discriminatory restrictions on companies aiming to expand their businesses in the partner country, and also reduce risks to their businesses by protecting rights and assets.