Iran’s deputy FM for economic diplomacy and the Eurasian Economic Union’s member of the board for trade explore ways of expanding economic cooperation

Iranian Deputy Foreign Minister for Economic Diplomacy Mehdi Safari and the Eurasian Economic Union’s Member of the Board (Minister) for Trade Andrey Slepnev exchanged views about the prospects of economic cooperation between the two sides.

Iranian Deputy Foreign Minister for Economic Diplomacy Mehdi Safari and the Eurasian Economic Union’s Member of the Board (Minister) for Trade Andrey Slepnev exchanged views about the prospects of economic cooperation between the two sides.

In the meeting, Slepnev gave a report on the free trade agreement talks between the union and Iran. He expressed hope that negotiations with Iran’s ministry of industry, mine and trade will be finalized during his trip to Tehran. Slepnev noted that the Eurasian Economic Union is determined to boost cooperation with the Islamic republic of Iran.

The Iranian deputy foreign minister for economic diplomacy also described the creation of a free trade zone between Iran and the five members of the union as a turning point in the expansion of ties. Safari voiced hope that free trade will materialize quickly after the end of the talks and following approval by parliaments of the 6 countries.

He underlined that bilateral relations must not be limited to trade and that it is necessary that the two sides agree on the framework of a comprehensive partnership deal.

He also proposed that Iran and the Eurasian Economic Union create a transport corridor and agree on its railway, road and sea routes through which free trade of industrial and agricultural goods between the 6 countries would be launched.

Safari, among others, cited as examples the Astrakhan-Anzali/Amirabad and Oktau-Anzali/Amirabad and rail routes, and the Kyrgyzstan-Kazakhstan-Sarkhs/Inchebooroon, Russia-Kazakhstan-Sarkhs/Inchebron, Russia-Astara-Rasht rail and road routes, and the Armenia-Iran road route.

The Iranian deputy foreign minister further turned to other areas of cooperation such as food, energy, monetary and banking security and tourism, saying Iran is ready to strengthen cooperation and interaction with the union in those fields.

At the end of the meeting, the two officials agreed that negotiations between the Eurasian Economic Union and the Iranian Foreign Ministry must continue for the purpose of expanding cooperation in different economic areas.

It should be noted that the union involves Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia and it constitutes a free trade zone and customs union.

Iran’s ties with the bloc entered a new phase in the autumn of 2019 after the implementation of a temporary preferred trade agreement.

This year, intensive talks are on the agenda of the two sides in order to turn the temporary preferred trade agreement into a free trade agreement and the negotiations are nearing their final stage.