‘Trade agreement with EAEU a new important experience for Iran’

November 11, 2019

TEHRAN- Head of Iran’s Trade Promotion Organization (TPO) said that the trade agreement with the Eurasian Economic Union (EAEU) is a new and important experience for his country in the field of trade and economy.

Making the remarks in a conference on trade opportunities in agriculture sectors of Iran and Eurasian Economic Union’s countries held on Sunday, Hamid Zadboum also stressed that the president believes that Iran should have a center for expansion of trade with the EAEU states, TPO portal reported.

“It is anticipated that the temporary agreement between Iran and EAEU becoming a permanent agreement step by step since the second year of its signing will rise Iran-EAEU annual trade to $10 billion-$15 billion”, the official underscored.

The trade agreement between Iran and the Eurasian Economic Union officially came into force on October 27, and its implementation was officially notified to customs offices across Iran last week.

The accession of Iran into EAEU is be a major breakthrough for Iran’s trade as it would allow exports on zero tariffs for 70 products while 503 other items would enjoy lowered duties, according to Iranian Energy Minister Reza Ardakanian.

“We can supply our goods and products to their markets through the land borders of the Republic of Armenia as well as sea borders of the Russian Federation and Kazakhstan,” the minister added.

MA/MA

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