Eurasian Economic Commission ready to maintain trade with Iran

Eurasian Economic Commission ready to maintain trade with Iran
# 19 October 2019 15:40 (UTC +04:00)

Minister for Trade of the Eurasian Economic Commission Veronika Nikishina said members of Eurasian commission are ready for developing commercial and economic cooperation with Iran, adding that such cooperation will have good prospect, APA reports citing IRNA.

Nikishina said Iran is an important market in the region, adding that developing relations with Iran is of importance.

She added that signing agreement on creating a trade zone between Iran and the Eurasian commission will pave the way for promoting cooperation.

We believe that commercial exchanges with Iran should be developed and all sides and employers should have the opportunity to take advantage of it, she noted.

She reiterated that facilities include over 500 items.

Nikishina went on to say that Eurasian commission’s response to US anti-Iran sanctions is non-political and economic.

She also expressed hope for taking advantage of the Instrument in Support of Trade Exchanges (INSTEX) which has been created by E3 to bypass sanctions.

Earlier, Iranian Ambassador to Moscow Mahdi Sanaei referred to the ratification of the agreement on creating a free trade zone between Iran and Eurasian Economic Union in Iran parliament, saying over 500 export goods to Eurasia are enjoying preferential or zero tariff.

Iran’s free trade with Eurasian Economic Union is an important step in Iran's foreign trade and developing exchanges with northern neighbors, Sanaei wrote in his Twitter account.

Meanwhile speaking to IRNA, he said that negotiations started four years ago and a chart of those products which are supposed to enjoy zero tariffs or its reduction has been prepared.

This issue, after its implementation, will have a significant impact on regional trade, and will contribute to the development of trade exchanges between Iran and the Eurasian Economic Union states by reducing customs tariffs, he added.

Iranian members of parliament passed the bill on temporary establishment of free trade zone between Iran and Eurasian Economic Union on Monday.

In the wake of various talks, both sides reached an agreement on putting preferential tariffs on many goods which are exported from Iran to Russia, Armenia, Kazakhstan, Belarus and Kyrgyzstan and also on those imported to Iran.

One of the main objectives of the trade agreements is to create facilities and eliminate the difficult rules for traders and investors.

Signing the preferential tariff agreement and the establishment of a free trade zone between Iran and the Eurasian Union has also led to the development of economic relations between Iran and the Eurasian Union and could help Iran's regional hub and strengthen the north-south corridor.

The Eurasian Economic Union is an economic union of states located in central and northern Asia and Eastern Europe. The Treaty on the Eurasian Economic Union was signed on 29 May 2014 by the leaders of Belarus, Kazakhstan and Russia, and came into force on January 1, 2015.