Iran, EAEU on Verge of Signing FTA to Boost Bilateral Trade: Adviser
TEHRAN (Tasnim) – An adviser to the Trade Promotion Organization of Iran (TPOI) for international affairs said a Free Trade Agreement (FTA) between Iran and five members of the Eurasian Economic Union (EAEU) is about to be signed after nearly six years of intensive negotiations.
It is for about six years that intensive talk have been ongoing between Iran and the EAEU member states over the implementation of the FTA, Mir Hadi Seyyedi stated.
The negotiations have been held in two parts, the first part becoming operational at the approval of Iran’s Parliament on October 30, 2019, he added.
A Preferential Trade Agreement (PTA) was implemented between Iran and EAEU member states for about four years, which led to increased trade and economic activities between the two sides, Seyyedi stated.
Iran-EAEU trade exchanges have risen from the previous $2.5 billion to the current $5 billion, showing a considerable hike after the implementation of the PTA, he said.
“With the studies made in this regard, the two sides (Iran and EAEU member states) enjoy high capacity to increase the level of bilateral trade up to about $20 billion.”
One year after the implementation of the PTA in November 2020, talks started for turning the PTA to an FTA, he noted.
Today, talks between the two sides have terminated and the five EAEU member states i.e. Belarus, Kazakhstan Russia, Kyrgyzstan and Armenia have agreed to launch the FTA with Iran in line with enhancing bilateral trade.
It is hoped that Iran and the EAEU member states will ink the FTA by the end of the current Iranian calendar year (to end March 20, 2024), details of which will be put into operation after being approved by parliaments of the five Eurasian countries and Iran, Seyyedi added.
