News ID: 260183
Published: 0403 GMT October 13, 2019

Iran’s EEU membership to develop peace, friendship: Minister

Iran’s EEU membership to develop peace, friendship: Minister

Iranian Minister of Energy Reza Ardakanian said Iran’s admission into the Eurasian Economic Union (EEU) is a great opportunity for the country as well as the development of peace and friendship in the region.

Joining EEU provides a great opportunity for Iran to flourish by using its specific geographical position and manpower, Ardakanian said on Sunday as reported by Mehr News Agency.

He added that Iran has plans to develop trade ties with EEU members and his ministry will help private sector companies to enjoy advantages of the EEU market.

Speaking on the sidelines of his visit to the central province of Yazd on October 23, Ardakanian said with Iran’s accession to the EEU, it will find ways to boost 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 the country’s foreign trade and expansion of foreign exchange 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 a zero preferential trade tariff rate within the framework of the Islamic Republic’s free trade with the EEU.

It is the first time that Iran enters into a regional economic agreement actively since the Islamic Revolution of 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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