Head of Trade Promotion Organization of Iran (TPO) Alireza Peimanpak says that with the beginning of free trade between Iran and The Eurasian Economic Union (EAEU) as of next year, Iran’s exports to the bloc will grow $10 billion.
Speaking during a ceremony to introduce the top exporters of Tehran province, Peimanpak said that an upcoming visit to Russia by Iranian President Ebrahim Raeisi will open new prospects for Iranian traders.
Russia is the main member country in the five-member economic bloc which also includes Belarus, Armenia, Kazakhstan and Kyrgyzstan.
Elham Hajikarimi, the TPO secretary of EAEU desk, said in Mid-November 2021 that it will take two years for a potential free trade agreement between Iran and the Eurasian Economic Union (EAEU) to take into effect.
She noted that Iran and the EAEU have so far agreed upon some 80 percent of the free trade agreement. She however added that after the finalization and determining the items which will be covered by the document, it will take two years for the parliaments of the member countries to approve the agreement.
Iran and the EAEU started three-day talks in the Armenian capital earlier this month to discuss a potential free trade deal between the two sides.
During the Yerevan talks, officials from Trade Promotion Organization (TPO) of Iran and representatives from EAEU member countries explored ways the two sides can go beyond a preferential trade agreement that was signed two years ago.