TEHRAN- Iran’s First Vice-President Es’haq Jahangiri described the free trade agreement between Iran and the Eurasian Economic Union (EAEU) as a good opportunity for the country's economy and called on the Ministry of Industry, Mining and Trade and other relevant organizations to set a timetable for the finalization of the agreement and follow it seriously.

In a meeting to review the latest status of Iran's relations with Eurasia, which was chaired by him, the official named free trade with neighboring countries as a way to develop Iran's economy, industry and agriculture and said that the free trade between Iran and the Eurasian Economic Union not only is not a threat to domestic production, but provides a large market for the country's manufactured goods.

In the meeting, which was also attended by the ministers of energy as well as industry, mining and trade, the ambassador of the Islamic Republic of Iran to Russia, and representatives of the Ministry of Foreign Affairs, and the Central Bank of Iran, Head of Iran’s Trade Promotion Organization (TPO) Hamid Zadboum released a report on the latest status of Iran-EAEU trade and negotiations.

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

In late January, Tehran Chamber of Commerce, Industries, Mines, and Agriculture (TCCIMA) hosted an Iran-Eurasia economic diplomacy meeting, attended by senior officials including the TCCIMA Head Masoud Khansari, the TPO head, and the Head of Islamic Republic of Iran Customs Administration (IRICA) Mehdi Mir-Ashrafi.

In the meeting, the attendees reviewed the requirements and aspects of developing trade relations between the two sides, and by listing the existing challenges, offered solutions to remove obstacles and problems and facilitate trade.

At the beginning of the meeting, Khansari noted that the development of economic agreements in the region will help increase stability and security in the economies of member countries.

He stressed the need for using a common currency and replacing the U.S. dollar in trade exchanges between the members of the EAEU.

Ardakanian, in his message, praised the TCCIMA for holding this specialized conference and stressed the significance of using the capacities of the preferential trade agreement with the EAEU in the development of Iran's non-oil exports.

MA/MA