News ID: 258626
Published: 0158 GMT September 13, 2019

Ardakanian: Iran, EEU to enjoy tariff-free trade for 850 items

Ardakanian: Iran, EEU to enjoy tariff-free trade for 850 items

Iranian Energy Minister Reza Ardakanian said that his country’s membership in the Eurasian Economic Union (EEU) has brought many advantages for Tehran, including tariff exemptions on 850 items.

Speaking on the sidelines of his visit to the central province of Yazd, Ardakanian said that with the coordination made in this regard, this agreement will be enforced on Oct. 23, reported Mehr News Agency.

He added, “With Iran’s accession to EEU, suitable ways will be provided for the country in the field of exports and other economic activities in line with securing the interests of the country.”

Iran’s free trade with the EEU, which was put into effect by the approval of Iranian Parliament, is considered an important step in Iran’s foreign trade and expansion of trade exchanges with its northern neighbors, the energy minister added.

He went on to say that Iran’s exported goods to Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan would enjoy zero preferential trade tariff rate within the framework of Iran’s free trade with the EEU.

It is for the first time that Iran enters into a regional economic agreement actively since the Islamic Revolution in 1979.

Ardakanian put the total trade volume of EEU member states at about $753 billion, adding, “Using this high potential and capacity can create a giant development in our economic ties with this union.”

As US sanctions imposed against Iran and Russia have created restrictions for the economic activities of the two countries, this agreement is of great significance for both sides and can be considered a factor for broadening economic relations between Iran and Russia.

 

   
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