Minister: Iran’s free trade deal with EAEU to be operational by early May

Iran’s free trade agreement with the Eurasian Economic Union (EAEU) is set to be implemented by April or early May, following its approval by the Islamic Consultative Assembly, the country’s Minister of Industry, Mine, and Trade has announced.

Speaking at the 23rd National Consumer Rights Protection Conference on February 27, Minister Seyed Mohammad Atabak confirmed that all five EAEU member states—Russia, Belarus, Armenia, Kyrgyzstan, and Kazakhstan—have finalized the agreement, marking a significant milestone in Iran’s economic integration with the bloc, Caliber.Az reports, citing Iranian media.

Atabak highlighted the benefits of international trade agreements, noting that they foster competition among producers and enhance market opportunities. He emphasized that the EAEU is among the most significant economic agreements Iran has entered into, with 87% of tariffs set to be eliminated. The EAEU’s 240-million-strong market, he added, represents a major opportunity for Iranian exporters.

The Minister stressed that goods produced for export to these countries must meet international quality standards. "Our expectation from the Consumer Protection Organization is not to focus on penalties but rather to support both producers and consumers," he noted.

He further stated that the concepts of fairness and justice stem from such support, and that regulatory measures should primarily target profiteers within the production sector. He highlighted that events and awards like this conference help assess the country's production sector and relay their challenges to the government for resolution.

Atabak pointed out that production is the most crucial factor in the country's economy, stating, "Consumer protection begins with production. Without production, economic development cannot occur, and consequently, the distribution sector will not continue to function."

The minister emphasised that production must undergo proper assessments, which was one of the focal points of the conference. He also stressed the importance of exports and access to international markets, ensuring that Iranian products remain competitive globally.

He warned that adversaries are targeting the nation's sense of hope by downplaying the presence of domestic producers. "Many manufacturing factories have a long-standing history, and we have witnessed significant growth in the home appliance sector in recent years," he noted.

Atabak further stated that Iran did not possess strategic industries before the revolution and that all such industries have been established afterward, though some try to attribute these developments to the past.

He acknowledged the challenges faced this year due to energy imbalances and expressed gratitude to all producers who continued their operations despite difficult conditions.

By Vugar Khalilov