BAKU, Azerbaijan, March 28. Iran requires significant infrastructure improvements to boost its trade turnover with the Eurasian Economic Union (EAEU), according to Jamshid Nafar, Secretary General of Iran Export Confederation told reporters, Trend reports.
Nafar underscored the significance of putting the free trade agreement between Iran and the EAEU into action as a giant leap forward. However, he pointed out that Iranian entrepreneurs are currently in a pickle due to a lack of refrigerated trucks, which are crucial for shipping perishable goods.
He noted that Russia, a key member of the Eurasian Economic Union, imports products worth $300 billion annually. With adequate infrastructure and considering the strong political ties between the two nations, Iran could capitalize on these opportunities much more effectively. However, at present, Iran's annual trade turnover with Russia exceeds just $1 billion, signaling that the full potential of these opportunities is not being fully utilized.
“If Iran’s Trade Promotion Organization took substantial steps to improve storage facilities, logistics, and the creation of opportunities for companies in the export sector, it would significantly enhance the country’s export potential,” he said.
To note, on December 25, 2023, a free trade agreement was signed between Iran and the EAEU in Saint Petersburg, Russia. After the agreement comes into force, it's predicted that trade turnover will reach $18-20 billion within five to seven years.
President of Iran Masoud Pezeshkian has announced the law on a free trade agreement between Iran and the Eurasian Economic Union to various circles in Iran for implementation on March 15, 2025.
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