Iran to conclude Free Trade Agreement with EAEU

Business Materials 2 October 2019 19:59 (UTC +04:00)

Tehran, Iran, Oct.2


Iran will hold negotiations with Eurasian Economic Union (EAEU) on Free Trade Agreement, the head of Iran's Trade Promotion Organization and Deputy Minister of Industry, Mine and Trade of Iran said referring to the participation of Iranian President Hassan Rouhani in the recent EAEU summit.

"The Eurasian Union is an economic bloc, which had imports worth $ 320 billion and exports worth more than $ 547 billion in 2018," Hamid Zadboom said, Trend reports citing Tasnim News Agency.

“Having a GDP of $ 4.7 trillion, the Eurasian Union is world's top oil extractor, with 14.5 percent of the world's total oil output. The Union produces 20 percent of the world gas and ranks first in terms of the gas production and fourth in terms of the electricity production,” he added.

He announced that Iran and the Eurasian Economic Union have signed a trade agreement for 862 commodities.

“Negotiations on the free trade between Iran and the union will begin soon," he said. “Eurasian Union leaders invited Iran, Singapore and Moldova to join the Free Trade Agreement, and the president of Iran attended the EAEU summit as a guest.”

He emphasized the need for better planning for development of Iran's economic relations with the countries of the world, especially with the neighboring countries.

Zadboom added that the union may increase the number of the member states.

“Iran exports to the Eurasian Economic Union countries amounted to about $920 million in 2018 and imports from the EAEU member states reached nearly $1.7 billion,” he said.