TEHRAN – More than 100 companies from the member states of the Eurasian Economic Union (EAEU) are scheduled to participate in Iran’s first exclusive EAEU exhibition which is due to be held during July 9-12 in Tehran, the exhibition’s director told IRIB.

According to Alireza Jafari, 30 companies from Russia, 30 companies from Kyrgyzstan, more than 10 companies from Armenia, more than 10 companies from Kazakhstan, and some companies from Belarus will be participating at this exhibition along with Iranian companies.

The event will be held at Tehran Permanent International Fairgrounds, the official said.

The companies participating in this exhibition are active in the fields of banking and finance, technology transfer, construction of large factories, silos, ports, wharves, oil tanks, shipbuilding, steel, and cement, as well as large sellers of livestock inputs and oil and agricultural products, the official explained.

A meeting is scheduled to be held between the members of the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) and the Eurasian chambers of commerce on the first day of the exhibition, according to Jafari.

A memorandum of understanding will also be signed on the sidelines of the exhibition between the Eurasian Economic Commission (EEC) and Iran’s Chamber of Cooperatives (ICC), the official added.

He added that the current trade balance of the Eurasian Economic Union with the world is more than $800 billion and the trade of the union with Iran stands at about $2.5 billion.

“Such events will pave the way for Iranian businessmen and entrepreneurs to get acquainted with their counterparts in the EAEU and will play an important role in the growth and development of non-oil exports and trade with this economic union,” he said.

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