TEHRAN (Iran News) – The second exclusive exhibition of the Eurasian Economic Union (EAEU), which is a platform to showcase the capabilities of the EAEU members and their Iranian counterparts, was officially opened at Tehran Permanent International Fairgrounds on Monday, IRNA reported.

The opening ceremony of the exhibition was attended by senior officials including Iranian Industry, Mining, and Trade Minister Abbas Aliabadi.

Speaking at the mentioned ceremony, Aliabadi said this exhibition creates a valuable interaction platform for business owners to witness prosperity, the development of commercial and economic cooperation, and the implementation of joint investment projects.

According to the official, the trade exchanges between Iran and the members of the EAEU have doubled since the two sides signed a Preferential Trade Agreement (PTA) in 2019.

“With the signing of the free trade agreement with the Eurasian Economic Union shortly and access to this market of 180 million people, we will witness more commercial cooperation with the member countries of this union,” he added.

Having a population of more than 85 million people and possessing unique resources of energy, mines, abundant capacities of various industries, technical and engineering services with high technology and knowledge, significant geopolitical position in the region, access to rail, road, and international shipping lines and access to active highways and international logistics, Iran plays a key role in West Asia, Aliabadi stressed.

In the second EAEU exclusive exhibition, some of the capabilities of Iranian companies active in various fields including industry, mining, and agriculture are presented, he said, adding that investment laws in Iran offer many incentives and exemptions for investors, especially in free and special economic zones, and foreign companies can invest in various industrial, mining, construction, petrochemical, scientific and technological sectors or cooperate with Iranian companies.

Underlining the significant role of the private sector in the development of cooperation between countries, the minister emphasized: “In this regard, the activity of joint chambers, the establishment of business centers, and participation in the exhibitions can greatly help the communication between the private sectors of the two sides.”

He called on the governments of Iran and the EAEU members to follow up on the negotiations on resolving trade problems, including canceling business visas, solving transportation problems, establishing communication lines for companies, removing obstacles related to financial and banking transfers, especially creating a bartering mechanism and the use of the national currencies of the countries and the provision of the standards more seriously.

“It is expected that the holding of this exhibition and participation in the round tables will provide the opportunity to introduce the capabilities of the countries in the industrial, commercial, and economic fields and provide the opportunity for businessmen and entrepreneurs of the two sides to exchange views and expand cooperation,” the official said.

*** Economic agreements with neighboring countries emphasized

Addressing the inaugural ceremony of the exhibition, the head of the Iran Trade Promotion Organization (TPO) emphasized the development of bilateral or multilateral trade and economic agreements with neighboring countries.

One of the main strategies of the government of the Islamic Republic of Iran in the international dimension is the development of bilateral or multilateral economic and trade agreements with neighboring countries, Mehdi Zeyghami reiterated.

This exhibition has provided an opportunity for businessmen from different countries to fully understand each other’s economic and commercial capacities and increase the level of their commercial relations after signing the free trade agreement with Eurasia, he noted.

The second EAEU exclusive exhibition is going to wrap up on December 7.

Iran and EAEU reached a preferential trade agreement in 2018 based on which about 862 commodity items are currently subject to preferential tariffs. The agreement came into effect on October 27, 2019.

Iran and the EAEU are now negotiating to turn the PTA into a FTA and the talks are in final stages.

The FTA between the two sides is expected to be signed and come into effect in 2024.