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Expansion of Iran’s ties with EAEU, pathway to thwart US sanctions

Experts believe that Iran's membership in the Eurasian Economic Union (EAEU) and expansion of trade and economic relations with the Union member states are effective pathway to thwart the US unjust sanctions.

According to remarks of the Iranian officials, agreement between Iran and the EAEU is a test for evaluating how much Tehran's trade infrastructure is ready to cooperate with the world.

And such evaluation will help find obstacles to economic relations in order to remove them.

From 2015, EAEU with five members, including Russia, Kazakhstan, Belarus, Kyrgyzstan and Armenia started work to take economic policies on free trade agreements with other states.

On September 19, Managing Director of Iran's International Exhibition Company Bahman Hosseinzadeh announced that the Iranian capital is to host the first Eurasian Economic Union (EAEU) exhibition by the end of the year.

Hosseinzadeh said the exhibition is aimed at boosting the volume of trade exchanges and promoting economic cooperation with the EAEU member countries.

In mid-September, Iranian Minister of Energy Reza Ardakanian underlined the importance of strengthening Iran's position in the EAEU 200-million-population market in order to have active role in the Union.

Iran is under arbitrary sanctions while Europe could not stand loyal to its commitments to the Joint Comprehensive Plan of Action due to Washington's pressure on the states respecting the UN Security Council Resolution 2231, so that all-out cooperation with EAEU will prepare considerable opportunities for Iran to enhance regional trade and increase its non-oil exports.

Hosseinzadeh said that Tehran-EAEU exhibition set for a month before the end of the Iranian year on March 21, 2021, is as an ample opportunity to share capacities of the member states for trade and industrial outputs.

He noted that impacts of the sanctions will be lessened effectively when export capacities are created permanently with the friendly states.

Hosseinzadeh said that he is optimistic about the EAEU exhibition as it will have a positive impact on Iran's economy in the future.

About a year ago, Iran and EAEU reached a barter trade agreement covering 860 types of commodities.

Statistics show that Iran has witnessed 63 percent increase in its trade exchanges with the EAEU countries.

The two sides have agreed to take measures to start talks on a free trade agreement for the second year of the deal.

Currently, Iran's, Vietnam's and Singapore's agreements with EAEU are temporary, while talks on accession of Serbia, Egypt, Argentina, Jordan and Thailand to the Union are underway.

Source: Islamic Republic News Agency - IRNA


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