FTA with EAEU to open new horizon for SCO, ECO, BRICS: Iran’s official
Iran’s Deputy Foreign Minister for Economic Diplomacy Mehdi Safari said that the free trade agreement (FTA) between the Islamic Republic and the Eurasian Economic Union (EAEU) will open a new horizon for expanding ties with Shanghai Cooperation Organization (SCO), Economic Cooperation Organization (ECO), and BRICS.
Safari stated in an interview with IRNA in Moscow that the signing of the Free Trade Agreement (FTA) between Iran and the Eurasian Economic Union (EAEU) is significant.
This is because it will result in new trade connections with the Shanghai Cooperation Organization, ECO and BRICS. This is due to three of the five Eurasian Union member countries being part of SCO, two being members of ECO, and one of them also being a member of BRICS.
The Deputy Foreign Minister of Iran emphasized that the agreement signing will lead to increased exports and imports between Iran and the EAEU members.
He noted the significant potential for Iranian exports in joint automobile production, transit, reactors, construction materials, medical equipment, and medicine. Iran and the EAEU signed an important agreement to initiate free trade, six years after Iran joined the bloc to expand its trade partners in response to Western sanctions.
Iran’s Minister of Industry, Mine and Trade Abbas Ali-Abadi and Chairman of the Board of the Eurasian Economic Commission (EEC) Mikhail Myasnikovich signed the agreement.