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Iran to ink free trade deals with certain nations

Trend | 23 January 2024

Iran to ink free trade deals with certain nations

by Elnur Baghishov

BAKU, Azerbaijan, January 23. Iran intends to sign free trade agreements with four countries, the head of the Trade Promotion Organization of Iran (TPOI), Mehdi Zeighami said, Trend reports.

He spoke at a conference in Tehran on January 23, where he announced the 6th Iran Export Potentials Exhibition (Iran Expo 2024).

Zeighami said that Iran is planning to sign free trade agreements with Syria, Venezuela, Pakistan, and one Eastern European country. He also said that Iran is seeking preferential trade agreements with Indonesia and some East Asian countries.

The chairman expressed his hope that the Iranian parliament would ratify the free trade agreement with the Eurasian Economic Union (EAEU) within six months.

The mentioned agreement was signed in St. Petersburg, Russia, on December 25, 2023, and requires the approval of six countries (Iran and the EAEU members). The trade turnover between Iran and the EAEU would reach $18–$20 billion within 5-7 years after the implementation of the free trade agreement.

Zeighami said that Iran Expo 2024, which will be held in Tehran from April 27 to May 1, is expected to increase Iran’s annual exports by at least 2 billion euros. He said that Iran’s goal is to add 1 billion euros to its exports every year by holding this exhibition.

 source: Trend