Iran, EAEU to kick off implementing PTA in Nov. 2022

TEHRAN, Jan. 19 (MNA) – Islamic Republic of Iran and Eurasian Economic Union (EAEU) will start implementation of Free Trade Agreement (FTA) in Nov. 2022.

Speaking in the 19th meeting of the Board of Representatives of Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) on Tue., Deputy Minister of Industry, Mine and Trade Hamid Zadboum said that the government issued a license for the Trade Promotion Organization of Iran (TPOI) for doing Free Trade with the Eurasian Economic Union (EAEU).

Accordingly, the Free Trade Agreement between the Islamic Republic of Iran and the Eurasian Economic Union (EAEU) will start in the Iranian month of Aban of the year 1401 (to fall in Nov. 2022).

Paving suitable ways for economic cooperation between member states and also promoting healthy competition has been cited as the main aim behind launching Free Trade Agreement between Iran and EAEU, chief of Trade Promotion Organization of Iran added.

EAEU’s member states have $850 billion worth of trade and business with countries in the world, $518 and $331 billion of which is related to exports and imports respectively, Zadboum added.

He went on to say that 80 percent of EAEU’s exports to the Islamic Republic of Iran is related to agricultural products especially grains while 68 percent of Iran’s export to EAEU is related to agricultural products especially fresh fruits and dried nuts.

MA/5125266

News Code 168718

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