Iran About 1.5 Years Away From Permanent EAEU Membership - Energy Minister
Faizan Hashmi 1 month ago Thu 04th March 2021 | 04:00 PM
Tehran has still around one year and a half to resolve the issue of permanent membership in the Eurasian Economic Union (EAEU), as a three-year provisional pact between the two parties entered into force in October 2019, Energy Minister Reza Ardakanian told Sputnik
TEHRAN (UrduPoint News / Sputnik - 04th March, 2021) Tehran has still around one year and a half to resolve the issue of permanent membership in the Eurasian Economic Union (EAEU), as a three-year provisional pact between the two parties entered into force in October 2019, Energy Minister Reza Ardakanian told Sputnik.
"We have around one year and a half to resolve this issue," the minister said when asked about a time frame for when the country can become a permanent EAEU member, specifying that approximately 16 months had passed since the deal was put in place.
As of now, two main factors are contributing to the development of trade relations, including reforming the system of customs duties and reviewing other challenges not linked to the system, Ardakanian added.
"There is a large number of goods, with an export duty equivalent to zero percent, and these are things that [we] can trade freely. Some goods are subject to duty preferences for both parties. However, once this problem is solved or tariff restrictions are lifted, issues not related to taxes, but to transportation and logistics, will become the main obstacle," the minister said.
The EAEU leadership provides support to Tehran, with both parties working on managing customs and formal procedures, according to the minister.
Tehran was chosen as the venue for the first specialized Eurasia exhibition, which will run through May 18-21 this year to boost ties with the EAEU member states, the minister said, pointing out that entrepreneurs not only from the organization but neighboring countries, will be invited.
"We are looking forward that other countries, besides the EAEU members, could participate in this exhibition," Ardakanian noted.
The EAEU was established in 2015 to promote regional economic integration in Eurasia. Its members include Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. Moldova is an observer state. As of today, the EAEU has free trade agreements with Singapore, Serbia and Vietnam.