Feb 24, 2021, 4:17 PM
Journalist ID: 1844
News Code: 84242471
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Iran enjoys $30b potential to expand trade ties with EAEU

Tehran, Feb 24, IRNA – Iran has a commercial capacity of 30 billion dollars to increase trade exchanges with the Eurasian Economic Union (EAEU), an Iranian official says.

Mir Hadi Seyedi, deputy President of the Trade Development Organization for Export Market Development, said in the first meeting of coordination for specialized exhibition of the EAEU that two years of negotiations with the union ended up with a preferential trade agreement.

Seyedi noted that the preferential trade agreements comprises of 502 cargos from Eurasia and 381 commodities from Iran, adding that tariffs for the goods significantly decreased but it is yet to reach zero percent.

According to the negotiator, the two sides have kicked off talks on free trade with zero percent tariffs since last week, and if they strike a deal, they will have a market that would have no rival in the region, because the union has signed preferential agreements only with Vietnam, Singapore and Serbia.

Trade between the EAEU and Iran has a potential of 30 billion dollars, while the two sides are using only 3.5 billion dollars of the capacity, he added.

He further called for promoting producers and private sector to pay attention to the trade capacity, noting that the volume of imports and exports increased 80 percent in the last year.

The first Eurasian Exhibition is scheduled to be held on May 18-21 at the Tehran International Permanent Fairground.

The Eurasian Economic Union comprises of five countries, including Russia, Kazakhstan, Belarus, Kyrgyzstan and Armenia, which was established in 2015 to work on economic policy-making, macroeconomics and migration of workforce in a bid to boost free trade with other countries.

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