Pars Today – Eurasian Economic Union (EAEU) is an economic union composed of five countries which was established in 2014 and started its official activity in 2015 with Russia, Kazakhstan, Belorussia, Armenia and Kyrgyzstan as founders.
The Eurasian Economic Union is considered an attractive market in the region with an area of 20 million square kilometers and a population of over 183 million. Experts maintain that what gives this union a high status is the location of the region as the “heartland” of the world. In other words, the dominance of any country on the region will be tantamount to its ruling over a notable part of the world due to the prominent conditions of the region in global relations.
The Islamic Republic of Iran officially became an observer member of the EAEU on Thursday.
The document related to the Islamic Republic of Iran’s membership in EAEU was signed by the leaders of the member states at the end of the high council of the union on Thursday with Iran’s Minister of Industry, Mine and Trade, Seyyed Mohammad Atabak, in attendance.
Experts are of the opinion that Iran’s membership and presence in the EAEU, will both contribute to the regional economy and bolster the mutual trade of the member states more than ever. Many politicians and experts of regional issues had also evaluated Iran’s presence in the union of high importance.
In addition to potential capability in economy and energy sectors, Iran enjoys a unique ability to create relations between the EAEU members and attractive global markets such as the Persian Gulf, Indian Subcontinent, the Indian Ocean countries all along the east and southeast Asian countries. Therefore, the Islamic Republic of Iran considers the implementation of the free trade agreement with the EAEU and attaining the observer post in the union as a positive development for expansion of cooperation with other sectors such as transportation, transit and energy security.
Iran’s membership as an observer in the Eurasian Economic Union has opened a window to the great $800-billion market of the union for economic activists inside the country.
RM/MG
