EAEU "exceptional opportunity" for Iranian merchants: Iran-Russia chamber member

Moscow, Oct 20, IRNA – A member of Iran-Russia Chamber of Commerce told IRNA in Moscow that Iran's membership in the Eurasian Economic Union (EAEU) is an exceptional opportunity for Iranian businesspeople for enhancing their non-oil exports.

The private sector of Iran can analyze the future of bazaar and conditions of Iran's commerce with the EAEU members to devise a long-term trade road map in order to earn more and as a result to increase the trade balance of the country, said Mehdi Azadvari.

The Eurasian Economic Union (EAEU) is an economic union of states located in central and northern Asia and Eastern Europe. The Treaty on the Eurasian Economic Union was signed on 29 May 2014 by the leaders of Belarus, Kazakhstan, and Russia, and came into force on 1 January 2015.

According to Azadvari, facilitating the path and removing the impeding laws for traders and investors have been of goals of the agreement to develop Iran's trade with the EAEU.

Referring to the abundant resources of oil and natural gas in Iran and the chances for joint lucrative investments, he hoped that the member states of the EAEU would enhance their economic activities with Iran.  

With Iran joining the group, Russia, Armenia, Kazakhstan, Belarus, and Kyrgyzstan have reached an agreement with Iran on importing hundreds of items of goods with preferential or zero tariffs.

The member of Iran-Russia Chamber of Commerce said that joining the EAEU, Iran will have the chance to enjoy the markets of the member states and receive numerous customs privileges.    

He said that 502 items of goods from the EAEU, including food, chemicals, construction products, engineering services, and farming products, as well as 360 Iranian products, will have the same conditions.

He said the agreement overall includes 862 items that are included in the preferential or zero tariff agreement.  

Iran made a suggestion to the EAEU for joining the international body, which was warmly welcomed due to Iran's geopolitical location.

The agreement between Iran and the EAEU will be implemented from October 27 and Iran has a three-year period to change its temporary membership in EAEU to a permanent one.

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