MILAN/PARIS (Reuters) – Italy on Wednesday became the first European country to take steps to help its fashion industry build a stronger presence in Iran following the lifting of Western sanctions. The two countries signed an agreement during a two-day visit by Italian Prime Minister Matteo Renzi with a delegation of business leaders to increase trade between Italy and Iran and reinforce industrial cooperation. The deal was signed by the National Textiles and Fashion Association Sistema Moda Italia (SMI), which represents a sector worth more than 52 billion euros ($59 billion) in revenues, and its Iranian counterpart the Tehran Garment Union (TGU).

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Italy’s fashion industry signs deal to build ties with Iran