FTA to Rev Up Iran-EAEU Trade: Official
TEHRAN (Tasnim) – The chairman of Iran-Russia Joint Chamber of Commerce said the Free Trade Agreement (FTA) between Iran and the Eurasian Economic Union will significantly boost trade and economic cooperation between the two sides.
Speaking in an interview with IRNA, Hadi Tizhoosh Taban pointed to the FTA recently signed between Iran and EAEU, saying the deal can play a very effective role in promoting Iran’s trade and economic activities in the international arena.
The Iranian producers engaged in the industrial and agricultural sectors manufacture the products which are required by the EAEU countries, which in turn can increase the productivity of the FTA to a great extent, he added.
Decrying the sanctions imposed against Iran and Russia, he noted that proper mechanisms should be applied to use Iranian rial and Russian ruble in the bilateral trade to diminish the demand for the dollar and euro.
Reducing or omitting the customs tariffs can pave the way for the development of the trade relations between Tehran and Moscow, he emphasized.
Earlier, Iran’s Minister of Industry, Mine and Trade Abbas Aliabadi had stated that the agreement would allow all Iranian business sectors, especially the merchants and manufacturers, to have access to the lucrative markets of the union.
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.
