TEHRAN (Iran News) – Iranian Energy Minister Reza Ardakanian in his video message to the Iran-Eurasia Economic Diplomacy Forum said Iran’s preferential trade agreement with Eurasian Economic Union (EAEU) was a smart action in alignment with the current world economic trend and national economic goals as well as in encountering the U.S. sanctions.

He said using the regional trade experience is a must for boosting exports and Iran’s presence in the EAEU and the way it can accept its commitments in accordance with the country’s development goals should be put on the agenda of the custodians of the country.

The Islamic Republic of Iran exported $594 million worth of non-oil products to Eurasian Economic Union (EAEU)’s member states.

Meanwhile speaking in the inaugural ceremony of the forum, Chairman of Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) Masoud Khansari said that the country exported $594 million worth of non-oil products to Eurasian Economic Union (EAEU)’s member states and imported $396 million worth of non-oil products from EAEU in return.

In a competitive economy, countries grow, he said, adding, “Accordingly, unions were set up in east Asia and could settle both security and economic challenges.”

He then pointed to the issue of transport as the most important issue in economic relations between Iran and Eurasia, and added, “Given the suitable situation of road fleet, we can increase the transport via land among countries,”

Elsewhere in his remarks, Khansari pointed to the issue of exchanging technology and technical know-how between Iran and the Eurasian Economic Union and stated, “In the field of training, we enjoy the high capability to expedite bilateral exchanges and communications.”

Turning to the issue of single currency unit between EAEU member states, Khansari added, “Using a currency pact instead of U.S. dollar can reduce the monopoly of the dollar so that it will be the benefit of all member states of the Eurasian Economic Union.”

He then referred to the initiative of “One Belt One Road” that can be a successful model between countries for the development of regional peace and stated, “It is hoped that the Islamic Republic of Iran would enhance its ties with EAEU’s member states in line with realizing most economic objectives.”

Meanwhile addressing the forum, the chairman of the Board of Directors and Managing Director of the Export Guarantee Fund of Iran Abdollah Sajjadi said that Iran’s Export Guarantee Fund to Eurasian Economic Union countries covers up to $800 million.

Referring to the limitations of Iran’s banking system due to outrageous U.S. sanctions, he stated that the issuance of mutual guarantees with the help of peer institutions is one of the new strategies of this supporting institution to secure foreign trade.

Pointing to the allocation of $800 million to Eurasian Economic Union countries, including Russia, Kazakhstan, Armenia, Kyrgyzstan, and Belarus, he said that supporting exports through covering Eurasian political and commercial risks will be the fund’s top priority.

Meanwhile, Kazakhstan ambassador to the Islamic Republic of Iran called for setting up a joint bank between the Islamic Republic of Iran and the Republic of Kazakhstan.

Addressing the forum, Askhat Orazbay stated that unjust and unilateral sanctions imposed against Iran should be lifted.

Setting up a joint bank between Iran and Kazakhstan as well as launching a bartering system between the two countries is mandatory, he added.

As long as sanctions are not lifted, the two countries should focus on the products that are not subject to sanctions, the envoy stipulated.

Turning to the adverse effects of sanctions, he said that sanctions have reduced volume of trade and business between the two countries extremely, he said, adding, “Under such circumstances, customs duties o the products that are not subject to sanctions should first be reduced and secondly, a bilateral trade agreement should be inked between the two countries regarding free trade zone, so that Kazakhstan welcomes the two options wholeheartedly.”

He lashed out at the lack of a banking system between Iran and Kazakhstan and reiterated, “Lack of an integrated banking system was one of the main problems between the two countries so that it is proposed to set up a joint bank between Iran and Kazakhstan.”

Attended by senior officials including the TCCIMA Head Masoud Khansari, the Trade Promotion Organization (TPO) Head Hamid Zadboum, and the Head of Islamic Republic of Iran Customs Administration (IRICA) Reza Mir-Ashrafi, the event was held in collaboration with Persian Gulf Studies Center (PGSC) and the Iran-Russia, Iran-Kazakhstan, and Iran-Armenia Joint Chambers of Commerce.