Iran’s EAEU membership can increase rial's credibility

TEHRAN, Oct. 27 (MNA) – Vice Chairman of Trade Facilitation Commission of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) Mohammadreza Faroughi said on Sunday that Iran’s membership in Eurasia Economic Union (EAEU) can enhance credibility of Iran’s national currency.

Doing trade and business with the national currency is one of the advantages of joining the EAEU, he said, adding, “joining the Russian SWIFT alternative and using national currency will help boost the value of Iranian rial.

Turning to the start of implementing Preferential Trade Agreement (PTA) between Iran and EAEU member states and its effect on country’s trade transactions, he said, “Iran’s membership in EAEU bloc is a good opportunity in many aspects given the country’s condition under sanctions.”

Currently, Iran uses national currency to conduct trade with Kyrgyzstan and the launch of Russian payment mechanism will be of great advantage for the Islamic Republic of Iran, Faroughi added.

He emphasized, “Iran can create a transit corridor for EAEU member states and also connect them to the Indian market.”

Once a common foreign exchange is defined for doing trade and business among EAEU member states, it will result in increase of rials credibility, he stressed.

Iran’s membership in EAEU can also help facilitate country’s interactions with the World Trade Organization (WTO), he stated.


News Code 151644


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