FTA Good Opportunity for Trade with EAEU Markets: Iranian Minister
TEHRAN (Tasnim) – Iran’s minister of industry said a Free Trade Agreement (FTA) with the Eurasian Economic Union (EAEU) members, signed a few days ago, has paved the way for Iran to expand its presence in the international markets and ward off the cruel sanctions.
Abbas Aliabadi said Iran has managed to establish free trade ties with the five member states of the union (Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia) with a total population of 170 million.
He noted that the five EAEU members need the high capabilities of Iran in the industrial and economic fields.
Presently, Iran imports agricultural products, including wheat and corn, from the EAEU member states, the minister said, adding that the FTA will enhance trade and economic relations to a great extent.
The agreement would allow all Iranian business sectors, especially the merchants and manufacturers, to have access to the lucrative markets of the union, Aliabadi added.
Denouncing the sanctions the US has imposed on Iran, the minister said the FTA has provided a “golden opportunity” for Iran to broaden its trade activities in the international arena under the pressure of sanctions.
The free trade agreement between the EAEU and Iran was signed during the EAEU summit in St. Petersburg on December 25.
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.