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Iran, North Caucasus to reduce trade tariffs on 800 items

Business Materials 18 June 2019 14:37 (UTC +04:00)

Tehran, Iran, June 18

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A temporary free trade contracts between Iran and five North Caucasus states (part of Russian Federation) are to be signed that would reduce trade tariffs on more than 800 items of goods, said Iran's Energy Minister.

"There has been good cooperation in energy field that should increase, while signing a temporary free trade contract between Iran and five members of Eurasia Economic Zone would reduce tariffs on more than 800 items that would be a jump in trade development in the region," said Reza Ardakanian Trend reports citing IRNA.

"Following the efforts of Iran's Ministry of Energy, the parliament has approved the contract that would be achievement of the 15th Summit of Iran-Russia Joint Economic Cooperation Commission and 2nd Iran-North Caucasian Region Business Forum," he noted.

"The provincial cooperation between the two countries would have better approach. In this regard, the transit capacities of the Caspian Sea and its ports would be used to develop trade and tourism cooperation," he added.

"Developing economic ties is important, since the two countries are facing the US hostile policies. Therefore it's necessary to resolve the obstacles between two sides, including the trade tariffs in the region, to expand financial and goods transaction," he noted.

"The trade between Iran and the Russian Federation has developed during recent years and continues to expand. North Caucasus with population of 10 million has a key position in development of Iran and Russia's ties and considered a gate to Iranian and Russian goods," he said.

"The trade volume of two countries in general is rising, and that indicates the development of bilateral ties in all aspects," Ardakanian said.

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