Germany's Minister for Economic Affairs and Energy and Vice Chancellor, Sigmar Gabriel, hailed the end of economically-debilitating sanctions on Iran, stating the move provided "the chance to open a new chapter in German-Iranian economic relations."

On Saturday, the International Atomic Energy Agency (IAEA) confirmed that Iran had upheld its part of a deal agreed on by the Islamic republic and six world powers last year, effectively ending a decade-long dispute over its nuclear program.

For decades before the sanctions, Germany was one of Iran's biggest trading partners, with exports worth $5.67 billion (more than 5 billion euros) in 2005.

"German companies have lost important market share in Iran. We must revive German-Iranian ties as quickly as possible," said Volker Treier, the head of Germany's Chambers of Commerce and Industry (DIHK).

However, Gabriel that it would take time for relations to meet normality.

"The revival of German-Iranian economic, and especially financial relations is a long-term process," Gabriel said in statement on Sunday.

DIHK expects exports to Iran to double to 5 billion euros in the coming years, and doubling that figure in the long terms.

Gabriel was one of the first Western officials to visit Iran in the wake of the deal, and is expected to co-chair an economic conference with his Iranian counterpart Ali Tayyebnia in May.

ls/jm (Reuters, dpa, AP)