The event opened on July 9 and will conclude on July 12.
The Eurasian Economic Union member states’ companies, including 30 from Russia, 30 from Kyrgyzstan and 10 each from Armenia, Kazakhstan and Belarus are participating in the expo, alongside their Iranian counterparts.
The exhibitors are showcasing their latest products and services in a wide range of fields, including banking and finance; construction of large factories, silos, ports, docks and oil tankers; shipbuilding; steel and cement.
Livestock feed, oil and agricultural wholesalers were also present at the expo.
"This is not a public exhibition due to the Covid-19 pandemic and only people who do business with Eurasia and those for whom an invitation card has been issued can attend the exhibition," Hassan Zamani, the CEO of Iran’s International Exhibitions Company, was quoted as saying by IRIB News.
EEU member states include Russia, Kazakhstan, Armenia, Belarus and Kyrgyzstan.
Iran and EEU signed a three-year provisional agreement in Astana, Kazakhstan, on May 17, 2018, for the bloc to welcome Iran into EEU. The arrangement, which lowers or abolishes customs duties, is the first step toward implementing free trade between Iran and five members of the union. The PTA came into effect on Oct. 27, 2019.
Negotiations on a full-fledged free trade zone between the Eurasian Economic Union and Iran are set to start in the near future, the press service of the Eurasian Economic Commission (EEC) told BelTA following a recent meeting between Chairman of the EEC Board Mikhail Myasnikovich and Iran's energy minister and co-chairman of the Russian-Iranian standing intergovernmental commission on trade and economic cooperation, Reza Ardakanian, which took place on the sidelines of the St. Petersburg International Economic Forum.
“The EAEU made the appropriate decisions regarding the launch of the negotiations in December 2020. The EAEU member states are currently finalizing the mandate for the negotiations,” he said.
“We expect to complete the necessary procedures and prepare for the talks by the end of June 2021.”
EAEU is another abbreviation used to refer to the Eurasian Economic Union.
Myasnikovich noted that the interim free trade agreement between EEU and Iran has already become an effective tool for advancing cooperation.
“In 2020, the EAEU-Iran trade totaled $2.9 billion, growing by 18.5% over 2019. In Q1 2021, the EAEU export to Iran rose by 43.5% year-on-year, and import increased by 20%. The EAEU-Iran trade went up by over a third and totaled $1.15 billion. This was possible thanks to our joint work,” he added.
The two sides also spoke in detail about the most promising infrastructure projects of EEU member states and Iran, including the International North-South Transport Corridor, and about other joint initiatives.