The US National Foreign Trade Council (NFTC) has announced that the unilateral sanctions imposed against Iran have consequences for the US.

The NFTC President Bill Reinsch says the council seeks to persuade the incoming administration of the US President-elect Barack Obama that the US unilateral sanctions "generate a number of significant economic consequences" for the US, the Inter Press Service reported.

According to the NFTC, if the US were to scrap its unilateral sanctions and, in turn, Iran were to ease its foreign investment rules, particularly in its oil sector, the Middle Eastern nation could boost its crude oil production by about 50 percent and lower world prices by about 10 percent. This would cut the cost of US oil imports by about $38 billion.

The pro-trade group further estimates the economic liberalization in Iran would boost its overall trade by up to $61billion, adding 32 percent to its gross domestic product (GDP).

In turn, US non-oil trade and trade in services with Iran also would shoot up, by about $46 billion or 0.4 percent of US GDP.

The US has spearheaded three rounds of Iran sanctions in the UN Security Council to force Iran to halt its nuclear enrichment program.

Iran has repeatedly declared that it will not give up its legitimate nuclear rights under Western pressures.