Iran About 1.5 Years Away From Permanent EAEU Membership - Energy Minister
Faizan Hashmi Published March 04, 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.
In late February, Iranian Assistant Energy Minister Dawood Mirzakhani said to Sputnik that Tehran hopes to boost its trade activities with Russia after signing a cooperation agreement with the EAEU.
"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.
Iran and the EAEU signed a provisional pact to create a free trade area in May 2018. The accord envisages the reduction or removal of import customs duties on a wide range of goods.
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.
Related Topics
Recent Stories
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
Osaka seals first win on clay since 2022 in Madrid
Earthquake jolts Karachi
Sindh minister orders operation after attack on police in Ghotki
TikTok to fight US ban law in courts
More Stories From World
-
Football: English Championship table
3 hours ago -
Time for 'democratic transition' in Venezuela: opposition candidate to AFP
4 hours ago -
Spain's Pedro Sanchez : a risk-taker with a flair for survival
4 hours ago -
Football: French Ligue 1 table
4 hours ago -
Nadal will only play French Open if he can 'compete well'
4 hours ago -
Ukraine, Israel, TikTok: the massive aid package before US Congress
4 hours ago
-
TikTok to fight US ban law in courts
4 hours ago -
Football: French Ligue 1 results
5 hours ago -
Spain PM Sanchez says weighing resignation after wife's graft probe
6 hours ago -
Long-lost Klimt portrait auctioned off for 30 mn euros
6 hours ago -
TikTok to fight US ban law in courts
6 hours ago -
Anger among Ukrainians in Poland as Kyiv halts passport renewals
6 hours ago