TEHRAN – Head of Iran’s Trade Promotion Organization (TPO) has said an exclusive exhibition of Eurasian Economic Union (EAEU) member states’ economic capabilities is planned to be held in Tehran on May 17.

According to Hamid Zadboum, the mentioned exhibition will be held if the coronavirus pandemic conditions get better in the country, the TPO portal reported.

Zadboum pointed to the Eurasia exhibition as a platform for representing the two sides’ export capacities, saying: "Hosting this exhibition is a great opportunity that can facilitate negotiations to achieve free trade with the union."

Referring to the importance of the Eurasian exclusive exhibition for the Islamic Republic, the TPO head noted that official invitations have been sent to Eurasian authorities to attend this major event.

"Although the volume of trade between Iran and the five Eurasian Economic Union member states is not compatible with the two sides’ existing capacities, Iran’s trade with Russia, Armenia, Kazakhstan, Kyrgyzstan and Belarus is constantly improving and we have joint economic committees with all these countries,” he said.

It is necessary for Iranian and Eurasian traders to become more familiar with the capacities and benefits of cooperation in the context of free trade.

Underlining the significance of the Eurasian Union and its role in world trade, Zadboum said: "The union consists of five countries: Russia, Kazakhstan, Armenia, Kyrgyzstan and Belarus, which come together with different capabilities and capacities; of these five countries, Armenia, Kazakhstan and Russia are of special importance for Iran due to their neighborhood.”

“The annual global trade of these five countries is more than $850 billion, and economic and trade relations with this union, which also has a good political infrastructure, can be of great importance for the development of the country's economic relations in the region,” the TPO head stressed.

Iran and Eurasian Economic Union reached a free trade agreement in October 2018 based on which about 862 commodity items were subjected to preferential tariffs.

The interim agreement enabling the formation of a free trade area between Iran and the EAEU was signed on May 17, 2018, and officially came into force on October 27, 2019.

Iran is a very important market in the region and the development of ties with this country is of high significance for the EAEU members.

The free trade agreement between Iran and this union has laid the ground for the expansion of trade ties between the two sides.

The agreement with the bloc has increased Iran’s exports to the EAEU member states significantly, which is a turning point for the Islamic Republic's plans for boosting non-oil exports during the U.S. sanctions.

EF/MA