The deputy head of the Trade Promotion Organization of Iran (TPOI) said the country will import agricultural inputs, raw materials and basic goods and export industrial and production goods to the Eurasian market.

Mohammad Sadeq Qannadzadeh pointed to the recently inked Free Trade Agreement (FTA) between Iran and the Eurasian Economic Union and said that the agreement is the first multilateral free-trade document of the Islamic Republic of Iran.

He pointed to the policy of multilateralism and the development of international relations emphasized in the administration of President Ebrahim Raeisi and stated that Iran has joined numerous multilateral agreements in the world, all of which have good economic and trade capacities, Mehr news agency reported.

The FTA inked between Iran and member states of the union is one of the best exercises for the development of multilateral agreements, he said, adding, “Under the agreement, Iran will import agricultural inputs, raw materials and basic goods from EAEU’s member states and export industrial and production goods with high added value.”

Qannadzadeh referred to the cooperation of the private sector in the agreement and said the current administration is determined to support the private sector of the country for the promotion of trade and economic activities.

The free trade agreement between the EAEU and Iran was signed during the EAEU summit in St. Petersburg on December 25.

In 2018, Iran and the EAEU inked a Preferential Trade Agreement (PTA), which came into effect on October 27, 2019. The two sides later began negotiations to upgrade the PTA to an FTA after the success of the former.