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.

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TEHRAN (Iran News) Seyed Mohammad Atabak made this proposal on Monday during the economic session of the Caspian Sea Summit, held at the Parsian Azadi Hotel in Tehran. The meeting was attended by representatives from Iran, Turkmenistan, Russia, Azerbaijan, and Kazakhstan.

Atabak emphasized the need to consolidate efforts to establish a regional technology park where member countries could collaborate on advancements in pharmaceuticals, industrial innovations, and artificial intelligence.

“This initiative will allow us to share industrial knowledge, leading to technological advancements among Caspian Sea nations,” he stated.

Regarding financial transactions, Atabak highlighted that Iran and Russia have already established trade mechanisms using their national currencies. He noted that both countries can now conduct transactions in their local currencies, with banking operations, including card payments, being seamlessly executed.

The minister also proposed a barter trade system with other Caspian states to further facilitate industrial, commercial, and technological exchanges. He stressed that such mechanisms would enhance trade and cooperation among member nations.

Atabak pointed out the region’s significant industrial potential and called for the formation of specialized working groups to harness and expand these capabilities. “By establishing these groups, we can enhance industrial technology and increase economic exchanges among member states,” he said.

He further underscored the need for boosting trade among Caspian Sea nations, stating that the current trade volume is relatively low compared to the region’s potential. He suggested organizing business meetings among entrepreneurs from these countries, with their findings being presented to their respective governments.

“This approach will maximize the commercial exchange capacity of tradable goods among our countries through private sector involvement,” Atabak concluded.

Meanwhile at the meeting on the economic, customs, banking, and investment outlook for Caspian Sea littoral states, participants emphasized the importance of the Caspian Sea and the opportunities for joint trade cooperation.

During the meeting, Iran’s Deputy Minister and Head of the Organization for Investment, Economic, and Technical Assistance highlighted the Caspian Sea’s economic significance. He stated that the Caspian Sea, a valuable water border among the five participating countries with a history spanning over two million years, possesses unique characteristics that necessitate a shared strategic approach by all neighboring states.

Abolfazl Koudei emphasized the necessity of cooperation among the Caspian littoral states to maximize the benefits of this shared resource. He stressed the importance of collaboration in customs, banking, investment, free trade zones, and leveraging private sector capacities. These issues were key topics at the third Caspian Economic Forum.

He also underscored the need for harmonizing customs regulations through standardized procedures, reducing trade barriers, implementing simplified trade agreements, and establishing joint trade corridors and logistics centers using modern customs technology.

Reza Masroor, Secretary of the Supreme Council of Free Trade Zones, highlighted the readiness of Iran’s free trade zones to enhance commercial cooperation with the Caspian littoral states, particularly Azerbaijan and Turkmenistan, which share land borders with Iran.

He pointed out that these shared free zones could play a significant role in advancing the digital economy and new technologies. Additionally, he stressed the necessity of forming a Caspian Sea Cooperation Council to expand regional trade ties.

Ali Akbar Shamani, Acting Head of Iran’s Customs Affairs, discussed the importance of customs agreements and the digitalization of all customs processes to ensure the swiftest possible transactions. He highlighted that these advancements could be expanded to facilitate regional trade.

Dr. Asgari, a representative from Iran’s Chamber of Commerce, highlighted the region’s vast trade potential. He emphasized that reducing tariff barriers, facilitating trade, and developing shared infrastructure are essential measures to maximize these opportunities.

He proposed establishing a union of banking institutions and insurance companies among the Caspian Sea littoral states with participation from both private and public sectors.

These discussions reflect the growing need for increased economic convergence and cooperation among Caspian Sea nations to capitalize on shared resources and opportunities.

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TEHRAN (Iran News) TEHRAN – Minister of Industry, Mining, and Trade, Seyed Mohammad Atabak, announced Iran’s readiness to facilitate the Eurasian Economic Union’s (EAEU) connection to strategic global markets. His remarks came during the EAEU summit in St. Petersburg, Russia, where he highlighted the approval of a free trade agreement between Iran and the five EAEU member states, marking a significant step in economic cooperation.

Atabak expressed optimism that the establishment of a free trade zone between Iran and the EAEU members—Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia—would herald a new era of trade exchanges. He also underscored Iran’s willingness to expand collaboration into other critical sectors such as transportation, transit, and energy security.

Welcoming the EAEU’s decision to grant Iran observer status, Atabak affirmed that the summit could be a pivotal moment in Tehran’s growing relations with the union. He emphasized Iran’s resilience despite decades of sanctions, positioning itself as a reliable and influential partner in multilateral frameworks.

Highlighting successful cooperation with the EAEU over the past five years under a preferential trade agreement, Atabak noted the importance of such partnerships in countering the negative impacts of unilateral policies. He described U.S. unilateralism as a significant threat to both individual and collective national interests, advocating for greater unity among independent states through multilateral cooperation mechanisms.

Atabak stated that Iran is prepared to leverage its transit capacities to link the EAEU to major markets, including the Persian Gulf, South Asia, and Southeast Asia. He emphasized the mutual benefits of such collaboration, which would not only drive sustainable growth and prosperity for participating nations but also bolster their resilience against potential future economic shocks.

“The operationalization of the free trade agreement with the EAEU represents a transformative opportunity,” Atabak remarked. “Iran is ready to provide its extensive capabilities to achieve shared objectives.”

Beginning his address, Atabak condemned recent crimes by the Israeli regime and its allies, criticizing global mechanisms for their inaction over the past 15 months. This statement reflects Iran’s broader diplomatic stance on international issues, reinforcing its calls for accountability on the global stage.”Eurasian ”

During the summit, Atabak held discussions with Russian President Vladimir Putin, as well as other high-ranking officials, including Russia’s Deputy Prime Minister, the head of the Eurasian Economic Commission’s Executive Board, and Armenia’s Deputy Prime Minister. These meetings underscored the importance of deepening bilateral and multilateral ties within the EAEU framework.

The summit concluded with the signing of an agreement granting Iran observer status within the EAEU. This position allows Iran to engage in the union’s activities and access information without binding commitments.

The EAEU, founded in 2014, aims to promote economic integration among its member states. Observers currently include Uzbekistan, Moldova, and Cuba.

The recent summit also reaffirmed the implementation of a free trade agreement between Iran and the EAEU, initially signed last year in St. Petersburg. The agreement, now ratified by the parliaments of all five EAEU members and Iran’s Islamic Consultative Assembly, is set to become operational within two months.

Under the agreement, approximately 87% of Iranian exports to EAEU member states will enjoy tariff-free access, reciprocally benefiting EAEU exports to Iran. This development is expected to significantly enhance trade volumes and foster economic integration among the participating nations.

Atabak emphasized the strategic importance of this agreement, noting its potential to unlock vast opportunities for all parties involved. As the free trade zone comes into effect, Iran and the EAEU are poised to strengthen their economic ties, paving the way for increased regional connectivity and shared prosperity.

With its strategic location and growing trade capabilities, Iran stands ready to play a pivotal role in linking the EAEU to key global markets, reinforcing its position as a critical partner in the region’s economic landscape.

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