Iran (IMNA) - On Sunday, Iran’s Minister of Industry, Mining, and Trade, Mohammad Atabak, announced that the observer membership will enhance Tehran's participation in EAEU meetings and facilitate greater exchange of trade and economic information among member states. Atabak's comments followed his return from a Supreme Council meeting in Saint Petersburg, Russia, where he signed the observer membership agreement on December 26.
During this meeting, EAEU members also granted final approval to a free trade agreement signed last year, which has now been ratified by both Iranian and EAEU parliaments. The agreement is set to take effect within two months, pending approval from Iran's Guardian Council. The deal will eliminate tariffs on approximately 87% of Iranian exports to EAEU countries, including Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia.
Atabak expressed optimism that trade between Iran and the EAEU will multiply significantly once the free trade agreement is enacted. He highlighted the Eurasian region as a promising market for Iranian goods and noted that Iranian technical and engineering firms could expand their operations in these countries.
In addition to these developments, Atabak announced plans for a major trade exhibition in Tehran in the coming months aimed at showcasing Iran's economic capabilities to EAEU nations.
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