Officials review Mechanisms to implement FTA with Eurasian Economic Union

Requirements and mechanisms for implementing the Free Trade Agreement (FTA) with the Eurasian Economic Union were discussed in a meeting in presence of President Hassan Rouhani on Sunday.

In the meeting which was held at the Presidential Office, ministers and officials of the relevant agencies delivered reports outlining the latest planning in details for implementing the Free Trade Agreement with Eurasia based on which a trade and export development center with the Eurasian Region is formed in the Ministry of Industry, Mining and Trade.

In the meeting, President Rouhani called for taking advantage of maximum opportunities and capacities gained through Iran's accession to the Eurasian Economic Union Agreement, and underlined the development of economic relations with the countries of the region, the completion and development of infrastructure and facilities in rail and maritime transport.

The President also emphasized the need to draw a clear picture to precisely outline operational mechanisms to boost production and increase exports.

Accordingly, Iran will formally join the Eurasian Economic Union from early October 26 and for the first time since the victory of the Islamic Revolution, it has been actively involved in a regional economic agreement.

The total trade volume of the member states of the Union currently comprises about $ 735 billion for a market of about 200 million people, which can make a difference in Iran’s economic relations.

The Presidents of Russia and Armenia have invited Rouhani to attend the next meeting of the union, which will soon be hosted by the Armenian Prime Minister in Yerevan.

Following Iran's accession to the Union, 846 commodities of both sides will be subject to Preferential Trade Agreement (PTA), 503 of which owned by Iran and 70 items of Iranian goods enjoy zero tariffs.

The minister of energy Reza Ardakainian had previously said that through Iran's joining the Eurasian Economic Union, a large market awaits our country, and there will be a big leap in the export of non-oil commodities, as the total value of exports and imports of the member states is about $735 billion.

Ardakanian expressed hope that Iran’s joining the Eurasian Economic Union would be a very effective way to develop economic and regional relations creating ample of job opportunities in different sectors for our country.

Ardakanian had said on July 2 that Iran's principled policy is based on broadening expansion of relations and cooperation with the countries in the region as well as in the globe.

Ardakanian made the remarks in a meeting with visiting Armenian Deputy Prime Minister Mher Grigoryan in Tehran in the 16th Iran-Armenia Joint Economic Commission meeting which was held at the ministry of energy.

Economic and commercial potential between Iran and Armenia are very high and the two sides' should take advantage of the existing opportunity to further expand economic cooperation in line with both sides' interests, Ardakanian said.

News Code 190758

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