Economy, Business And Markets

EEC, Iran Sign Interim PTA

EEC, Iran Sign Interim PTAEEC, Iran Sign Interim PTA

An interim agreement on preferential tariffs was signed by Iranian Minister of Industries, Mining and Trade Mohammad Reza Nematzadeh and Minister in charge of Trade of the Eurasian Economic Commission Andrey Slepnev on Wednesday.

“This temporary agreement will mark the beginning of serious negotiations on a trade cooperation agreement between the EEC and Iran,” IRNA quoted the Iranian minister as saying.

Nematzadeh viewed Iran’s relations with all member states of the EEC as strategic and said a solid agreement would not only pave the way for realization of long term objectives, but it will also strengthen ties in all areas, economic and trade ones in particular.

Iran and the EEC will form joint working groups in early January to finalize the PTA which would allow all members of the EEC and Iran to enjoy lower rates of duty on imports from each other than they do on imports from other countries.

Slepnev, for his part, said: “Our main responsibility is to clear all hurdles including restrictive customs barriers and set the stage for the manufacture of competitive products in world markets.”

This agreement will be aimed at further deepening and development of economic connections which would result in establishment of free trade between Iran and the EEC, he said adding that, “We are bent to forge ahead with our ambitious plans.”

The EEC is an economic union of former Soviet republics, which comprises Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. It has an integrated single market of 183 million people and registered a gross domestic product of over $4,000 billion in 2013.