FTA between Iran, EAEU to increase industries’ profitability

An official at the Iran-Russia Joint Chamber of Commerce said the profitability of industries in Iran will improve upon the conclusion of a Free Trade Agreement (FTA) with the Eurasian Economic Union (EAEU).

News ID: 814337

Vice Chairman of Iran-Russia Joint Chamber of Commerce Kambiz Mirkarimi pointed to the salient advantages of signing the much-awaited free trade agreement between Iran and the EAEU’s member states and added, “Since the member states of the union have a high population, inking the agreement will be a very suitable incentive to spur exports to these countries.”

He noted that the problems of Iranian business people in the fields of customs, tariffs, and competitive markets will be settled with the development of trade between Iran and the EAEU by the end of the current Iranian year, which ends on March 20, 2024.

With the proper management of the aforementioned issues, Iran will witness a significant increase in foreign investment within the framework of Foreign Direct Investment (FDI), Mirkarimi emphasized.

In addition, the foreign currency revenues of the country will increase following the promotion of trade cooperation between Iran and EAEU member states, he underlined.

The official stated that the member states of the union highly welcome high-quality Iranian products, including goods with added value, industrial equipment, and machinery that meet international standards. / MEHR