The Eurasian economic Union and Iran begin work on free trade zone

The Eurasian economic Union and Iran begin work on free trade zone

The lifting of the sanctions on Iran will create conditions for the formation of the country’s new regional economic growth, said Minister for trade of the EEC Andrey Slepnev.

MOSCOW, 23 Dec. The countries of the Eurasian economic Union (EEU) together with Iran begin work on the free trade zone, said the Minister for trade of the EEC Andrey Slepnev, the press service of the ECE.

The parties launch a joint study on the prospects of signing a free trade agreement. The research team will identify opportunities to maximise economic benefits from the agreement, to give specific proposals on the possible format and scope of the obligations of the parties.

“Iran for us is a strategic partner. The anticipated lifting of international sanctions will create the preconditions for the formation in Iran of a new point of regional economic growth, and the reintegration of the Islamic Republic in the global economy will allow to increase cooperation in the framework of the “Big Eurasia” — presented in the release of the word Slepnev.

According to him, joint work will provide additional prerequisites for the creation of transport corridors in the directions of India, Pakistan, Iraq and formation of the Eurasian transport space “North-South”. The Eurasian economic Union and Iran will not only further increase bilateral trade, diversify areas of economic cooperation.

“The EAEU supply to Iran of agricultural commodities: wheat, barley, corn, vegetable oil. Supply of manufactured goods: steel products & trucks, timber, paper, synthetic fiber; also comes electricity. Imports from Iran are mainly composed of vegetables, fruits, cement and petroleum products. It is obvious that exports and imports may be more diversified, and the range of goods and services is much wider,” — said Slepnev.

For January-October 2015 the export of goods from the countries of the EEU in Iran exceeded $ 1.4 billion, while imports 445 million dollars. Total turnover of trade in services in 2014 between the EEC and Iran amounted to approximately $ 700 million. In EEU includes Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan.

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