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Iran starts to trade 862 types of commodities to Eurasian countries

Business Materials 16 November 2019 19:33
Iran has started to trade 862 types of commodities to the Eurasia region under the free trade agreement signed October 27
Iran starts to trade 862 types of commodities to Eurasian countries

TEHRAN, Iran, Nov.16

Trend:

Iran has started to trade 862 types of commodities to the Eurasia region under the free trade agreement signed October 27, said the head of Trade Promotion Organization(TPO) of Iran Hamid Zadboum, Trend reports citing Mehr News Agency.

"Our goal is to develop free trade, but signing of free trade agreements takes time. Iran will have free trade with five member countries of the Eurasian Economic Union, including Russia and Kazakhstan. The trade with 862 commodities will increase Iran’s domestic production as well," he added.

Zadboum noted that in the next two years, the temporary agreement will be replaced with a free trade agreement that will allow to reduce tariffs.

On October 27, the Preferential Trade Agreement (PTA) between Islamic Republic of Iran and EAEU came into effect for 862 products.

The current trade volume exchange between Iran and EAEU stands at $2.6 billion.

This agreement includes 862 products, with 360 related to the EAEU and 502 to Iran.

Head of Trade Promotion Organization of Iran (TPOI) Hamid Zadboum told FNA that the mentioned agreement is an outset of doing free trade and business with Eurasia; preliminaries of free trade with Eurasian zone are provided one year after the implementation of this trade agreement.”

There is about two years of chance in order to talk on free trade between Iran and the EAEU.

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