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Tuesday, 07 January 2020 10:11

Iran calls for establishment of EAEU..

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Iran calls for establishment

Iran calls for establishment of EAEU business dialogue council

President of Iran Chamber of Commerce has called for establishment of a business dialogue council at the Eurasian Economic Union (EAEU) in order to boost trade among member states.

“We are ready to host the first EAEU national chambers of commerce meeting in order to help establish a business dialogue council among member states,” Gholam Hossein Shafei, President of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) told Daniel Ibrayev, head of the Eurasian Economic Union (EAEU) Trade Council.

Shafei underlined the importance of coordination among the private sectors of the EAEU member states adding that launching the business dialogue council would strengthen exchange of data about companies in different sectors.

Starting 28 October, Iran joined a free trade zone agreement with the trade union which includes Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia.

Iran has announced that it will sign the complete and final Free Trade Agreement (FTA) with the 200-million-strong market of the EAEU after three years when nearly all goods and commodities will be subject to the rates stipulated in the deal, which is a significant reduction of tariffs.

The agreement means that Iranian producers and exporters will be able to export their goods under lesser tariffs, leaving a higher profit margin for them.

The agreement was brokered after two years of negotiations and Iran is initially accepted into the union’s free trade zone.

The Iranian parliament passed a law that allows for Iran’s accession into Free Trade Zone (FTZ), which was later signed into law by Iranian President Hassan Rouhani. 

According to the initial agreement, Iranian companies are allowed to export 502 products to the EAEU members with lower duties. It would also allow exports on zero tariffs for 70 products. Iran has lowered duties for 380 items to be imported from EAEU countries.

Also, dollars will not be the prevailing currency, meaning more than 70% of all transactions will be carried out using the six countries' national currencies, the Russian ruble or euro.

Meeting with Daniel Ibrayev, Shafei further asked for holding joint exhibitions, easing of visa issuance for businessmen and establishing direct flights between Iran and EAEU countries.

Ibrayev reiterated the EAEU’s commitment to boosting trade with Iran saying that the union welcomes any initiatives in line with increasing multilateral trade cooperation among member states.

He further mentioned the special committee of EAEU created by Iran Chamber of commerce saying that the effort is a clear indication that Iran is determined to implement the agreement with the union.

Ibrayev also underlined the importance of holding exhibitions and launching direct flight between Iran and Eurasian countries.


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