Iran, EAEU to Expand Trade Ties

Iran and the Eurasian Economic Union (EAEU) are poised to take giant strides in line with promoting bilateral trade and business. The Eurasian Economic Commission (EEC) announced on Tuesday that the next round of permanent Free Trade Agreement (FTA) talks between EAEU’s member states and Iran will be held at the end of Sep. in the current year. During a meeting held between the member of the Board of Directors of EEC Andrey Slepnev and Head of Iranian Trade Promotion Organization of Iran (TPOI) Alireza Payman-Pak, the two sides poised to enhance bilateral cooperation in the field of trade and economy. Payman-Pak said that the bilateral trade and transit of goods via Iran en route North-South Corridor has increased almost 50% at large in the current Iranian calendar year (started March 21, 2022).

The two sides have made significant progress in the field of national currencies which is of paramount significance, he said, adding that the exchange of the Rials-Ruble in bilateral transactions is considered the latest key and positive steps taken between Iran and EAEU member states. According to the statistics, the value of trade between Iran and EAEU member states exceeded US$5 billion as much as 73% in 2020. - Mehr