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The Free Trade Agreement (FTA) between Iran and the Eurasian Economic Union (EAEU) officially commenced on May 15, 2023, enhancing trade relations among member states, including Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan. Iranian Foreign Ministry spokesperson Esmaeil Baghaei highlighted the agreement’s potential to significantly increase economic exchanges, with around 87% of traded goods facing zero tariffs. This follows a prior preferential trade agreement established in 2019. Iran’s observer status in the EAEU reflects its commitment to deepening economic ties and diversifying trade partnerships, aiming for mutual benefits and increased trade volumes amidst global economic challenges.
Iranian officials are optimistic about a new legislative measure to comply with the Financial Action Task Force (FATF) standards. The Expediency Council approved a bill allowing Iran to join the Palermo Convention against Transnational Organized Crime, but the conditions attached may hinder full compliance. A second bill on combating terrorism financing is expected to be reviewed soon. While this progress is seen as vital for Iran’s economic integration and potential removal from the FATF black list, concerns remain about the reservations in the legislation that could create loopholes. Actual removal from the black list will depend on effective implementation over time.
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Iran’s rail transit volume is projected to reach eight million tons by March 20, 2026, according to Jabbar Ali Zakeri, the deputy minister of roads. This growth is expected to boost the domestic economy and generate foreign exchange. Long-term goals include increasing transit capacity to 40 million tons through infrastructure projects like the East-West and North-South corridors. Upcoming contracts for locomotives are also anticipated, signaling a push for modernization in rail transport. The development of rail transit is crucial for economic growth, job creation, environmental benefits, and improved connectivity, promising a transformative period for Iran’s transportation sector.
The U.S. has announced a significant trade deal with China in Geneva, following positive remarks from Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer about the negotiations. Both officials reported substantial progress and indicated that detailed information will be released soon. However, China has not yet commented publicly on the agreement. The discussions aimed to address the U.S.-China trade deficit and were framed within the context of a national emergency declared by Trump regarding foreign trade practices. White House officials are eager to continue negotiations, emphasizing that tariffs will not be reduced without concessions from China.