Iran Targets $10b Trade Vision With EAEU

TEHRAN (Iran News) Atabak emphasized that the President’s presence at the event underscores the priority given to enhancing commercial ties with neighboring countries. He noted that various presidential visits to regional states have paved the way for actionable trade initiatives within the EAEU framework, bringing tangible benefits to Iran.

Atabak urged economic actors and exporters to seize the opportunities presented by the EAEU, one of the key demands from the business community being the establishment of international agreements to facilitate trade—a goal now realized through this union. He assured that the Ministry of Industry, Mine, and Trade, alongside the Trade Promotion Organization, is fully committed to streamlining trade processes.

The minister highlighted the EAEU’s economic significance, boasting a population of 200 million and a GDP of $5 trillion. Trade volumes within the union have surged by 71 percent, reflecting its growing influence as a major economic bloc. Atabak also pointed to strengthened banking and financial ties between Iran and EAEU countries, with the presence of banks, institutions, and infrastructure at the exhibition signaling the establishment of a robust network for commercial exchanges.

A key development, according to Atabak, is the reduction of tariffs, with 87 percent of commodity tariffs set to drop to zero. This move is expected to heighten competition between Iranian and foreign traders in the vast Eurasian market, fostering a more dynamic trade environment. He added that improved investment conditions with EAEU nations would further boost exports and imports, while the trade pact enhances competitiveness by lowering tariffs.

Beyond economics, Atabak noted that the EAEU agreement would expand scientific and technological cooperation, creating a broader platform for collaboration among member states. With these developments, Iran is positioning itself as a key player in the Eurasian economic landscape, aiming to realize its ambitious $10 billion trade goal.

Meanwhile the head of Iran’s Trade Promotion Organization announced that 200 foreign delegations from member states of the Eurasian Economic Union (EAEU) are participating in the Eurasia Trade Exhibition held in Tehran.

Mohammad Ali Dehghan-Dehnavi made the remarks on Friday during the opening ceremony of the exhibition, attended by the Iranian president. He noted that over the past four years, since Iran began trade relations with EAEU member states, the country’s trade with the bloc has grown by 2.5 times. However, he acknowledged that there is still a gap to reach the desired level.

Dehghan-Dehnavi added that a trade agreement between Iran and the EAEU has been approved by the Iranian parliament and is awaiting confirmation from the Guardian Council, underscoring the importance of expanding trade ties.

The official also revealed the establishment of a secretariat for trade with Eurasia, stating that five Iranian commercial centers have been set up in neighboring countries to provide services to traders.

He described the exhibition as an opportunity to explore and assess the capabilities of EAEU member states. Dehghan-Dehnavi highlighted that the third Eurasia Trade Exhibition spans 12,000 square meters and features 180 domestic companies and 160 foreign firms.

He further noted that the event is hosting 230 visiting companies, with hundreds of negotiations and specialized panels scheduled to take place.

The head of Iran’s Trade Promotion Organization emphasized that trade with EAEU countries represents Iran’s most significant trade experience to date. He described the agreement between Iran and the five EAEU member states as brimming with commercial opportunities, adding that one of the priorities for trade development is fostering free trade and deepening relations with neighboring countries.

Meanwhile the chairman of the board of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) stated that the International Eurasia Trade Exhibition, held on the cusp of the implementation of a free trade agreement, provides an ideal platform for recognizing mutual capacities and enhancing trade exchanges between Iran and the five member states of the Eurasian Economic Union (EAEU).

Mohammad Aghajanlou made these remarks on Friday evening during a visit to the Iran-Eurasia Trade Exhibition. He explained that the purpose of this international event is to strengthen economic cooperation and showcase the products, services, and commercial achievements of various companies among EAEU countries and beyond.

He noted that the Eurasian Economic Union comprises Belarus, Kazakhstan, Russia, Kyrgyzstan, and Armenia, with Iran holding observer status in the union.

Aghajanlou further highlighted that, in addition to specialized sessions held as side events, face-to-face meetings between representatives of participating companies from various countries will also take place.

Emphasizing the development of economic ties, particularly in the mining and mineral industries sector with EAEU members, he added that the document granting Iran observer status in the Eurasian Economic Union was signed by the leaders of the five member states on December 26, 2024.

He recalled that Iran and the EAEU had previously signed a free trade agreement on December 25, 2023, during a ceremony in St. Petersburg, Russia. Once implemented, this agreement will see both parties eliminate customs tariffs on 87 percent of traded goods.

The exhibition is hosting 230 visiting companies, with hundreds of negotiations and specialized panels scheduled to occur.