Iran’s Deputy Foreign Minister for Economic Diplomacy says that the Free Trade Agreement (FTA) between Iran and EAEU will open a new horizon for expanding ties with SCO, ECO, and BRICS.

According to The Iran Project,Mehdi Safari stated in an interview with IRNA in Moscow On Monday that the signing of the Free Trade Agreement (FTA) between Iran and the Eurasian Economic Union (EAEU) is significant.

This is because it will result in new trade connections with the SCO, Economic Cooperation Organization (ECO), and BRICS. This is due to three of the five Eurasian Union member countries being part of SCO, two being members of ECO, and one of them also being a member of BRICS.

The Deputy Foreign Minister of Iran emphasized that the agreement signing will lead to increased exports and imports between Iran and the EAEU members.

He noted the significant potential for Iranian exports in joint automobile production, transit, reactors, construction materials, medical equipment, and medicine. Iran and the EAEU signed an important agreement to initiate free trade, six years after Iran joined the bloc to expand its trade partners in response to Western sanctions.

Iran’s Minister of Industry, Mine and Trade Abbas Ali-Abadi and Chairman of the Board of the Eurasian Economic Commission (EEC) Mikhail Myasnikovich signed the agreement.