Iranian President Hassan Rouhani signed billions of dollars worth of business deals in Italy on Monday, kicking off a Europe trip that is expected to mark major trade gains for the Middle-Eastern nation. This was his first overseas trip since the European Union lifted economic sanctions on the country earlier this month, after Tehran implemented key restrictions on its nuclear programme. Rouhani, who is heading a 120-member delegation of business leaders and ministers from the country, will spend two days in Rome before flying to France on Wednesday.

The Iranian government is expected to sign deals worth €17 billion in sectors such as energy, infrastructure, steel and shipbuilding. "This is just the beginning of a journey. There are sectors where we [Iran and Italy] must work closer together," said Italian Prime Minister Matteo Renzi. Iran announced plans to buy more than 160 European planes, mainly from Airbus (AIRP.PA).

Rouhani will also sign a series of deals with auto makers, airport operators and construction firms in France, reported The Wall Street Journal. Before leaving for Rome, the president said that the Europe trip was taking place at a very important juncture, local media agencies reported.