TEHRAN (FNA)- Head of Iran’s Chamber of Commerce, Industries, Mines and Agriculture Gholamhossein Shafeyee named trade with Eurasian Economic Union (EAEU) a golden chance for the country.
Addressing a conference held on free and special zones and development of economic cooperation with neighboring and Eurasian countries, Shafeyee said joining regional treaties and developing economic ties with the neighboring countries is a gateway for seizing the opportunity.
After several years of negotiations, Iran and EAEU finally reached a free trade agreement (FTA) in 2018 based on which about 862 commodity items are subject to preferential tariffs.
The interim agreement enabling formation of a free trade area between Iran and the EAEU was signed on May 17, 2018 and officially came into force on October 27, 2019.
Iran is a very important market in the region and development of ties with this country is of high significance for the EAEU members (Russia, Belarus, Armenia, Kazakhstan and Kyrgyzstan).
The free trade agreement between Iran and this union has laid the ground for the expansion of trade ties between the two sides.
Iran’s signing the agreement with the bloc has increased the country’s exports to the EAEU member states significantly, which is a turning point for the Islamic Republic to boost its export under the sanctions time.