Joining Eurasian Union is an opportunity to boost our exports

Speaking to ILNA correspondent, he pointed to the membership of the Islamic Republic of Iran in the Eurasian Economic Union (EAEU) and added “This Union is developing and five countries were members of this union and some important countries such as India and Thailand are negotiating to join the union, which I believe should be considered an opportunity.”

The Eurasian Economic Union is an economic union of states located in central and northern Asia and Eastern Europe. The Treaty on the Eurasian Economic Union was signed on 29 May 2014 by the leaders of Belarus, Kazakhstan and Russia.

The Eurasian Economic Union has an integrated single market of 183 million people and a gross domestic product of over 4 trillion U.S. dollars (PPP).

In answer to the question, what industries are at risk when joining the Eurasian Union and what is the ministry's plan to support them, he said “There is no risk and this is an opportunity for our country.”

“Under the agreement, tariff rates on 502 Iranian products will be removed for EAEU member states and we have carefully selected these items, mostly agricultural products or surplus products in petrochemical industry,” the Minister of Industry Rahmani added.

A free trade agreement between Iran and the Eurasian Economic Union (EAEU) will come into force on October 27, enabling preferential trade between Iran and a trading bloc comprised of 183 million people.

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