Iran to Open First National Trade Office in Russia

Chairman of the Iranian Chamber of Commerce Gholam-Hossein Shafei said the opening of the office in Russia is one of the good developments that will contribute to Iran’s trade with the Eurasia. 

Other positive developments in this regard include the opening of a Silk Road chamber of commerce with 67 members, he added.

Also the first Silk Road conference will be held in China in November 2019, Shafei said in a meeting attended by government officials and private sector authorities.

In late October, a preferential trade agreement between Iran and the Eurasian Economic Union (EEC) came 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 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.