INSUBCONTINENT EXCLUSIVE:
TEHRAN-- Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) hosted a conference on the trade chances of Iran and the
Eurasian Economic Union (EAEU) on Monday throughout which trade-related problems in areas like agriculture and foods were gone over, the
TCCIMA website reported.The conference was attended by economic sector agents together with TCCIMA officials consisting of TCCIMA Head
Masoud Khansari, and Head of TCCIMA Agriculture Committee Kaveh Zargaran; Eurasian Economic Commission (EEC) Minister in charge of
Integration and Macroeconomics Sergei Glazyev likewise participated in the meeting through an online video message.Free trade with Eurasia,
an opportunity to reduce the effects of sanctionsSpeaking at the opening event of the conference, Khansari highlighted Eurasias special
geopolitical position, saying that the Eurasian area has its own unique attributes and is considered the connecting point between Asia and
Irans trade with the Eurasian Economic Union was more than five billion dollars in 2022, which has grown considerably, and we hope that this
trend will continue in the future, the TCCIMA head added.The authorities stressed that open market with the Eurasian Economic Union has
actually developed an opportunity to neutralize Western sanctions
Creating combined guidelines in transport, money transfer, and quarantine requirements are a few of the items that the Iranian economic
sector is looking for from its subscription in this union, he said.Lack of transportation, banking infrastructures, a significant challenge
to tradeElsewhere in case, Zargaran attended to the conference and spoke about the requirements for the advancement of trade with the
Over the past years, although effective steps have been required to improve the level of economic relations with the 5 member nations of the
Eurasian Union, Irans trade with these 5 nations has been primarily concentrated on Russia and then Kazakhstan, he regrated.Zargaran even
more pointed to the infrastructure issues that prevent the further increase of business cooperation in between the 2 sides, and continued:
The transport infrastructure, specifically in the Caspian Sea, faces numerous drawbacks; The outcome is that in spite of the production of
about 150 million tons of cereal in Russia and the import of about 17-18 million lots of such products by Iran, the volume of cereal trade
in between Iran and Russia is less than three million lots
The authorities also highlighted the absence of a direct channel for financial transfers as another major barrier in the method of the
advancement of relations in between Iran and Russia and said: Now that Russia has actually signed up with the club of sanctioned nations,
establishing a direct banking line in between Iran and Russia will be very effective in establishing financial relations
Simply put, developing a simple financial transaction between two nations and after that extending it to other member nations of the
Eurasian Union is one of the demands of the Iranian economic sector
Consequences of sanctions for worldwide food securityIn the last part of the opening ceremony, Sergei Glazyev also made a speech about the
repercussions of sanctions for the global food supply-chain
The embargo imposed by the United States and the European Union on food providers not just produces problems for the sanctioned countries
however likewise causes hunger and malnutrition for millions of individuals in other parts of the world, Glazyev stated in his video
message.After years of settlements, Iran and the EAEU completed a free trade contract (FTA) in late January, revealing that the FTA is going
to be put in effect by mid-Iranian fiscal year 1402 (late September this year)
This FTA is expected to have a considerable favorable result on the volume of trade between the 2 sides.Iran and EAEU had actually reached a
preferential trade agreement in 2018 based on which about 862 commodity items are currently based on preferential tariffs
The arrangement entered into result on October 27, 2019
The worth of trade in between Iran and the EAEU members reached $5.643 billion during the previous Iranian fiscal year 1400 (ended on March
20, 2022), signing up a 66-percent rise compared to the figure for the preceding year.Head of Irans Trade Promotion Organization (TPO) has
said the long-awaited free trade agreement (FTA) in between the Islamic Republic and the Eurasian Economic Union (EAEU) is going to be put
in result by mid-Iranian calendar year 1402 (late September)
Alireza Peyman-Pak made the remarks after a meeting with Minister in charge of Trade of the Eurasian Economic Commission Andrey Slepnev in
In the last 2 and a half years, more than 30 rounds of settlements have been accepted the agents of five member countries of the Eurasian
Union, and thank God, we reached a last contract in this round, the TPO head said.According to Peyman-Pak, during the Thursday conference,
the 2 sides concluded their settlements and the draft of the agreement was finalized.The authorities kept in mind that the list of the
products to be included in the FTA has been likewise completed, saying: The two sides made the final talks today, according to which 90
percent of the items were put on the green trade list with the rest 10 percent got as forbidden items
He kept in mind that the FTA will have a considerable positive result on the volume of trade in between the two sides.In the meantime, the
EAEU trade minister said that the five members of this union attach unique significance to cooperation with Iran.Slepnev said that Iran is a
close ally of Russia and other EAEU member nations
He likewise thought that the preferential trade arrangement in between the 2 sides resulted in an expansion of financial cooperation with
