TEHRAN – Iranian Industry, Mining and Trade Minister Mohammad Atabak and Andrey Slepnev, the minister in charge of trade of the Eurasian Economic Commission (EEC), have discussed ways of expanding economic cooperation in a meeting on the sidelines of the Eurasian Business Forum in Armenia.

In this meeting, the Iranian side emphasized the need for establishing an insurance company under the Eurasian Economic Union (EAEU) to provide the necessary guarantees regarding Iran’s technical and engineering exports to the region, IRIB reported.

The two sides also discussed the increase in trade between Iran and the Eurasian Economic Union and the implementation of the Free Trade Agreement (FTA).

Another focal point of the negotiations was the unification of the standards of the member countries of the EAEU with Iran to facilitate exports to the union.

In this meeting, the Iranian Industry Minister invited Slepnev to visit the third round of the Eurasia Exhibition in Iran.

The 3rd Eurasian International Exhibition in Iran is scheduled to be held at Tehran Permanent International Fairgrounds from December 3 to 6.

The periodic economic forum of the Eurasian Union was held on September 30 and October 1 in Yerevan, Armenia, and Iran was the special guest of this meeting.

Iran and EAEU reached a preferential trade agreement in 2018, based on which about 862 commodity items are currently subject to preferential tariffs. The agreement came into effect on October 27, 2019.

Later on December 25, 2023, the two sides also signed a Free Trade Agreement (FTA) during the EAEU Summit in St. Petersburg, Russia.

A member of the Iran-Russia Joint Chamber of Commerce has anticipated that more than 88 percent of commodities will be exchanged between Iran and EAEU member states with zero tariffs after the FTA goes operational.

The free trade agreement between the two countries is expected to facilitate the exporters’ access to the target market, Kambiz Mirkarimi said.

EF/MA