Implementing FTA to Boost Iran’s Exports to EAEU Member States: Spokesman
TEHRAN (Tasnim) – The implementation of a Free Trade Agreement (FTA) will increase Iran’s export of products to the markets of Eurasian Economic Union (EAEU)’s member states, the spokesperson of Trade Promotion Commission of Iran’s House of Industry, Mine and Trade said.
Rouhollah Latifi pointed out that Iranian goods will gain more competitive advantage in the markets of the EAEU and third countries upon signing the Free Trade Agreement between Iran and member states of the union, IRNA reported.
Reducing the final cost for consumers and purchasers both in the markets of Iran and the EAEU is one of the most important decisions adopted in this agreement, because, the cheap price of goods and the reasonable final cost of products are among major issues in business activities, Latifi emphasized.
The member states of the union will pave the way for Iran to export its products to the Central Asia states, China and Eastern Europe, he added.
The Free Trade Agreement was inked by Iran’s Minister of Industry, Mine and Trade Abbas Aliabadi and officials of the union in St. Petersburg on Monday.
Upon the implementation of this agreement, the tariff rate of 87 percent of trade goods between Iran and EAEU member states will be minimized to zero level.
In 2018, Iran and the EAEU inked a Preferential Trade Agreement (PTA), which came into effect on October 27, 2019. The two sides later began negotiations to upgrade the PTA to an FTA after the success of the former.