TEHRAN - Iran’s Deputy Industry, Mining and Trade Minister Hamid Zadboum on Thursday said the list of products subjected to zero tariff in trade with the Eurasian Economic Union (EAEU) has been announced, Mehr News Agency reported.

“The list mainly includes agricultural, pharmaceutical and foodstuff products,” Zadboum stressed.

According to the official, the Eurasian Economic Committee approved a list of essential import products to the union to minimize the negative economic impacts of the coronavirus outbreak and to prevent the shortage of such goods in the union.

Based on the EAEU decisions, the mentioned commodities will be subject to the preferential tariff, exempted from customs duties, as of 1st of April to June 30, 2020, Zadboum emphasized.

Zadboum, who is also the head of Trade Promotion Organization of Iran (TPO), further noted that zero-tariff goods for exports to Eurasia include some agricultural and food products (potatoes, onions, garlic, cabbage, carrots, peppers, rye, rice, buckwheat, fruit juice, and baby formula) and some pharmaceutical products and medical supplies (endoscope, contactless thermometers, and disposable medical pipettes).

The import of these goods has been declared ‘essential’ due to the increased demand or short-term shortages caused by the current situation of the pandemic in EAEU member states, he added.

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 (Russia, Belarus, Armenia, Kazakhstan, and Kyrgyzstan).

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 plans for boosting non-oil exports during the U.S. sanctions.

EF/MA