Iran’s accession to EAEU, 'great economic opportunity'

TEHRAN, Sep. 13 (MNA) – Iranian Minister of Energy Reza Ardakanian said that Iran’s accession to Eurasian Economic Union (EAEU) is a great opportunity for the country.

He made the remarks on the sidelines of his visit to Yazd province on Thu. and added, “in this great and lucrative economic market, 850 items of goods will be subject to tariff exemptions between Islamic Republic of Iran and EAEU member states.”

With the coordination made in this regard, this agreement will be enforced on Oct. 23, he said, adding, “with Iran’s accession to EAEU, suitable ways will be provided for the country in the field of exports and other economic activities in line with securing interests of the country.”

Elsewhere in his remarks, Ardakanian pointed to the high potentials and capacities in Yazd province, saying, “Yazd has high capacities for exports which can be used for promoting employment rate.”

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

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

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 EAEU 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 economic activities of the two countries, this agreement is of paramount importance for both sides and can be considered as a factor for broadening economic relations between Iran and Russia.

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