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Iran and EAEU finally ink FTA: Iran signed the long-awaited trade agreement with the Eurasian Economic Union (EAEU) on Monday at a ceremony in St. Petersburg, Russia, Tasnim reports. The agreement will remove all tariffs on up to 87% of goods traded between Iran and EAEU member states, which comprise Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia. The agreement looks to boost trade between Iran and the EAEU by between USD 18 bn to USD 20 bn over the next five years.
It wasn’t easy getting here: The agreement follows three and a half years of talks which saw some 30 sessions of negotiations. 2018 saw Iran and the EAEU ink a preferential trade agreement (PTA), leading the pair to kick off negotiations to upgrade the agreement to an FTA, Tasnim said.
ICYMI: Armenia’s cabinet gave its approval for the agreement last week. The agreement comes at a time when both Iran and Russia are facing heavy Western sanctions.
Iran and Turkey eye USD 30 bn in bilateral trade: Iran’s Deputy Foreign Minister Mehdi Safari met with his Turkish counterpart Ahmet Yildiz in Tehran to discuss boosting mutual economic and energy exchange, with the aim of reaching USD 30 bn in annual trade, IRNA reports.
The pair held talks on a number of trade related concerns, including banking and customs arrangements, transit initiatives, joint investments, and increased cooperation in the natural gas and electricity sectors. They also discussed improved coordination between customs officers to streamline truck movements at the Bazargan-Gurbulak border crossing and plans for a new session of the intergovernmental economic committee to explore new ways to bolster trade ties.
The Canary Islands and Morocco are looking to reopen the maritime connection between the Archipelago and Tarfaya, according to an official statement. Canary Islands President Fernando Clavijo met with the counsel to Morocco Fatiha El Kamouri to discuss measures to expedite procedures to restore the link and boost economic and commercial cooperation between both countries.
