(MENAFN) A member of the Iran-Russia Joint Chamber of Commerce has projected that over 88 percent of commodities exchanged between Iran and the member states of the Eurasian Economic Union (EAEU) will soon be subject to zero tariffs, within the next two months. This forecast comes amidst the facilitation of trade agreements between nations, which are expected to streamline exporters' access to target markets, as highlighted by Kambiz Mirkarimi, a member of the board of directors of the Iran-Russia Joint Chamber of Commerce.
Mirkarimi emphasized the significance of the Free Trade Agreement (FTA) between Iran and the member states of the EAEU, including Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia, as one of the pivotal deals inked by Iran in recent years. He noted that Iran's exports to EAEU members reached approximately USD260 million until 2018. However, following the implementation of the FTA in 2019, the country's exports to these nations swiftly surged to over USD400 million, underscoring the transformative impact of the agreement.
Anticipating the ratification of the FTA by the parliaments of all EAEU member states within the coming two months, Mirkarimi outlined that trade tariffs on more than 88 percent of goods exchanged among Iran, Russia, and EAEU members will be reduced to zero. This development is poised to enhance the competitiveness of Iranian products vis-à-vis those from other countries like China and India, fostering a more favorable trade environment for Iranian exporters.
The signing of the free trade agreement between the EAEU and Iran during the EAEU Summit in St. Petersburg on December 25, 2023, laid the groundwork for this significant advancement. Previously, in 2018, Iran and the EAEU had entered into a Preferential Trade Agreement (PTA), which took effect on October 27, 2019. Subsequently, negotiations were initiated to elevate the PTA to the level of a comprehensive Free Trade Agreement.
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