TEHRAN (Iran News) –The chairman of the Iran-Russia Chamber of Commerce, Industries, and Mines has underscored that the enforcement of the free trade agreement between Eurasia and Iran can transfigure the economic situation significantly.

Hadi Tizhoosh-Taban said that the implementation of such agreements would affect trade and the economy and that the proper utilization of the grave opportunity can end up in an upsurge and transformation in different sectors of the Islamic Republic.

The Iranian producers produce different products in industrial and agricultural sectors, which are required by the Eurasian Economic Union (EAEU), on the other hand, the imported commodities from the member states of the union include raw materials needed for the production sector, Tizhoosh-Taban argued.

Preparing grounds for the implementation of the agreement, including financial exchanges, infrastructure, and logistics, can pave the way for the improvement of the economic situation in Iran, he said.

The official also called for paving the ground for creating mechanisms to use the Iranian rial and the Russian ruble in mutual trade in order to facilitate exchanges and get rid of illegal sanctions.

As to the insufficient progress in creating infrastructure for the Russia-Iran trade, he noted that the development of trade infrastructure can help attract foreign investments, which can transform construction projects and improve the economy.

Last week Minister of Trade of the Eurasian Economic Commission Andrey Slepnev said that the Eurasian Economic Union is to sign a free trade agreement with Iran soon.

Speaking to Russian media, Slepnev said that the Eurasian Economic Union (EAEU) has held important negotiations with Iran to solve some issues regarding the free trade agreement.

He added that lifting almost all customs duties in Iran’s mutual trade with Eurasian member states, especially Russia, was on the agenda of these talks.

Meanwhile, the Eurasian Economic Commission (EEC) in a statement announced that last week, during the negotiations in Tehran, a memorandum was signed for the future agreement between the two parties.

Iran and the EAEU have agreed on most of the main issues to finalize the negotiations on the free trade area agreement as well as mutual access to the market, except for certain types of agricultural products.

According to the statement, trade turnover between Eurasia and Iran has increased by 74% in 2021 and the figure experienced 25% growth in the first 10 months of 2022.