Official: Eurasian Economic Commission Ready to Expand Trade Ties with Iran

Minister for Trade of the Eurasian Economic Commission Veronika Nikishina voiced readiness of members of Eurasian commission to develop trade and economic cooperation with Iran.

“Such cooperation will have good prospect for both the Eurasian countries and Iran,” Nikishina said.

She noted that Iran is an important market in the region, and said, “Developing relations with Iran is of significance for us.”

Nikishina said that signing agreement on creating a trade zone between Iran and the Eurasian commission will pave the way for promoting cooperation, adding, “We believe that commercial exchanges with Iran should be developed and all sides and employers should have the opportunity to take advantage of it.

She also expressed the hope for taking advantage of the Instrument in Support of Trade Exchanges (INSTEX) which has been created by the three European states of Germany, France and the UK to bypass sanctions.

In relevant remarks earlier, Iranian Ambassador to Moscow Mehdi Sanayee referred to the ratification of the agreement on creating a free trade zone between Iran and Eurasian Economic Union in Iran parliament, saying over 500 export goods to Eurasia are enjoying preferential or zero tariff.

Iran’s free trade with Eurasian Economic Union is an important step in Iran's foreign trade and developing exchanges with northern neighbors, Sanayee wrote on his Twitter account.

Signing the preferential tariff agreement and the establishment of a free trade zone between Iran and the Eurasian Union has also led to the development of economic relations between Iran and the Eurasian Union and could help Iran's regional hub and strengthen the north-south corridor.

The Eurasian Economic Union is an economic union of states located in central and northern Asia and Eastern Europe. The Treaty on the Eurasian Economic Union was signed on 29 May 2014 by the leaders of Belarus, Kazakhstan and Russia, and came into force on January 1, 2015.