TEHRAN- The Iranian ambassador to Russia has praised the free trade agreement (FTA) with the Eurasian Economic Union (EAEU), emphasizing its potential to impact the export of various goods positively.

Speaking at the MIMS Automobility Moscow 2024 event, Kazem Jalali urged the Iranian Parliament to expedite the ratification process for the FTA.

He highlighted that the agreement would eliminate tariffs on 87% of the products traded between Iran and EAEU member states.

“This tariff reduction is expected to provide significant advantages for exporters in the goods sector,” he added.

Regarding Iran's automotive industry, the ambassador commended the quality of domestically produced components and parts.

Jalali noted, “This progress has been made despite the sanctions imposed by the United States and other nations on Iran's economy.”

MIMS Automobility Moscow, a leading international trade fair, focuses on automotive production, aftermarket services, and related industries.

The fair's current edition is from August 19 to 22.

In late December 2023, Iran and the EAEU signed a free trade agreement, which is currently under consideration by Iran’s Parliament and requires ratification from the parliaments of all six participating countries before it can be implemented.

The agreement stipulates that tariffs will be lifted on 87% of the exchanged items, while the remaining 13% consists of sensitive products that each party deems necessary to protect their domestic industries or agriculture.