IFP Exclusive

Iran-Eurasia Preferential Trade Deal Goes into Effect

A preferential trade agreement between Iran and the Eurasian Economic Union (EEC) has come into force.

The two sides launched preferential trade on 826 items of goods on October 27, 2019.

Of that number, 360 include commodities on which Iran has granted preferential tariffs to Eurasia, and 502 are goods on which the EEC has offered Iran preferential tariffs.

“The above-said agreement is a starting point for free trade with Eurasia because after one year has passed since the start of the enforcement of the deal, the stage will be set for free trade with the above-mentioned region, and the two sides will have two years to hold talks on free trade in that region,” said Hamid Zadboom, the head of the Iran Trade Development Organization, in an interview with Fars News Agency.

“Of course, that does not mean that we will definitely have free trade with this region after three years, but the necessary arrangements can be made during that period for free trade with Eurasia,” he added.

The Iranian commodities exported to Eurasia mainly include pistachios, kiwi fruit, gas oil, sultanas, cucumbers and pickled cucumbers, dates, medicines, hydraulic cement, refined copper, methanol and cabbage. The items that Iran imports from Eurasia mostly include barely, corn used as cattle feed, raw oil, cathodes and relevant parts, ironware items less than 2 millimetres thick, sawed pine wood and roll paper for newspapers.

The economic indicators of Eurasia include the first spot in oil extraction (14.5% of the global amount), the first spot in natural gas production (20.2% of global output), the fourth spot in generating electricity (4.9% of global production), fourth spot in iron production (4.7 % of global output), and the fifth spot in steel production (5% of global output).

Iran’s preferential trade agreement with the EEC is reportedly the most elaborate and comprehensive deal that Iran has signed so far and contains 9 chapters including general rules as well as regulations on trade and relevant topics.

IFP Editorial Staff

The IFP Editorial Staff is composed of dozens of skilled journalists, news-writers, and analysts whose works are edited and published by experienced editors specialized in Iran News. The editor of each IFP Service is responsible for the report published by the Iran Front Page (IFP) news website, and can be contacted through the ways mentioned in the "IFP Editorial Staff" section.

Recent Posts

IRGC: US Iran’s main enemy, Israel can’t survive without its support

The spokesperson and deputy head of public relations for the Islamic Revolution Guard Corps (IRGC)…

41 minutes ago

Iran says increased number of its centrifuges in response to the IAEA resolution

The Atomic Energy Organization and the Iranian Foreign Ministry announced that, in response to the…

54 minutes ago

Iranian, Belarusian tourism ministers meet on facilitating tourist movement

Iran's Minister of Cultural Heritage, Tourism, and Handicrafts, Seyed Reza Salehi Amiri, met on Thursday…

4 hours ago

Unscheduled visit by Qatari prime minister to Tehran sparks speculation

Reports emerged by Iranian daily Donya-e Eqtesad suggest that the Qatari Prime Minister and Minister…

19 hours ago

ICC issues arrest warrant for Netanyahu, Gallant for ‘war crimes’ in Gaza

The International Criminal Court (ICC) has issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu,…

19 hours ago

Iran to respond to Europe’s “non-technical” move: Foreign Minister

As France, Germany, and the United Kingdom submit an anti-Iran draft resolution to the International…

20 hours ago