Economy, Domestic Economy

PTA With Russia

PTA With RussiaPTA With Russia

Iran and Russia will engage in preferential trade with one another in the near future, Mohammad Hossein Barkhordar, the chairman of the import assembly in Iran Chamber of Commerce and Trade told ISNA on Tuesday. The official warned about the possible damages that preferential trade can bring to domestic industries, due to the low tariffs it necessitates.  The preferential tariff system, which compels both countries to levy lower rates of duty on imports from each other than they do on imports from other countries, is expected to further ease transaction of goods and services between Iran and other countries, he explained. Barkhordar also referred to the preferential trade agreement (PTA) recently signed between Iran and Turkey and underscored the effective role that the private sector can play in this regard. In a bid to increase bilateral trade, Iran and Turkey signed a preferential trade agreement (PTA) on December 31, decreasing the customs clearance tariffs on 265 items of good.