TEHRAN – Iran and the Eurasian Economic Union (EAEU) will set up three more working groups on the expansion of trade ties between the two sides, the head of Iran’s Trade Promotion Organization (TPO) announced.

As published on the website of the TPO, after holding the first meeting of Iran-EAEU joint working group through video conference, the two sides agreed on the establishment of three new working groups focusing on customs, standards, and health and safety measures.

According to the TPO Head Hamid Zadboum, at the end of the meeting which was attended by the representatives of the two sides, the working group’s protocol was signed.

“Based on this protocol, which includes the outcomes of the negotiations held in every meeting, the parties agreed to establish three new working groups on customs cooperation, technical measures, healthcare, and plant health measures within the framework of the agreement between the two sides,” Zadboum said.

The meetings of the mentioned working groups will be held between the representatives of the relevant bodies from Iran and the EAEU member countries in the near future and after setting their goals, according to the official.

He noted that the protocol of the current meeting included Iran's proposals for the formation of a banking working group and a working group on transportation and transit, as well as cooperation in the fields of investment, and free trade zones; the Eurasian Economic Union will respond to these proposals after reviewing them,” he added.

During the online event, the parties stressed encouraging cooperation between the trade associations of the two sides to maximize the capacity of the agreement between Iran and EAEU.

They also underlined the need for raising awareness in the private sectors of Iran and Eurasian Economic Union members regarding the agreement and the two sides’ potential markets.

The two sides also agreed to hold a business forum in the current Iranian calendar year (ends on March 20, 2021).

EF/MA