Canadian aircraft and train manufacturer Bombardier has yet to commence selling planes into Iran pending the lifting of sanctions imposed by its government when Ottawa broke diplomatic ties with Tehran in 2012.

Canada’s Foreign Affairs Minister Stephane Dion, however, promised that his government will follow the EU and the US in lifting a series of, but not all, sanctions against Iran in a speedy fashion, international news agencies have reported.

Ottawa is not one of the six global powers that signed the nuclear agreement with Iran in July last year.

The planned speedy lifting of Canada’s sanctions on Iran is designed to allow Canadian firms, such as Bombardier, to take part in the significant opportunities offered by the opening up of the market. Iran has indicated it requires up to 90 new aircraft a year over the next five years.

The potential lifting of sanctions is designed to limit the harm they could inflict on Canada’s industries, Dion said. “If Airbus is able to do it, why would Bombardier not be able to do it,” he was quoted as saying.

The Iranian government has recently signed an estimated $25bn deal with France’s Airbus for the acquisition of 73 wide-body and 45 narrow-body jets.

Bombardier’s stock fell below $1 on 28 January, following the announcement of the Iran-Airbus deal.

The value of the firm’s shares has been slipping due to its failure to find buyers for its much-delayed CSeries aircraft. Iran is viewed as a potential source of demand for these new planes.

Canada’s conservative politicians, however, are opposed to the proposed lifting of sanctions, citing doing so is a move towards the wrong direction.