Jalali, who was making comments on the sidelines of the MIMS Automobility Moscow 2024, told IRNA that the Iranian Parliament (Majlis) should speed up the ratification of the FTA.

The agreement will result in the removal of tariffs on 87% of the items being exchanged between Iran and the EAEU members, he noted.

Lifting tariffs could benefit the exporters in the sphere of exporting goods, he further noted.

Commenting on Iran’s auto-making industry, the diplomat praised Iran-made components and parts in the field.

The breakthrough has been achieved under sanctions imposed by the US and certain countries on the Iranian economy, he said.

As a premier international trade fair, MIMS Automobility Moscow is dedicated to the automotive production, aftermarket, and service industry.

The latest edition of the fair is underway on August 19-22.

In late December 2023, a free trade agreement (FTA) was inked between Iran and the Eurasian Economic Union (EAEU).

The FTA, which is presently under review by Majlis, has yet to be ratified by the parliaments of all the six parties to the agreement before it can take effect.

Under the terms of the agreement, Iran and the five-member bloc will lift tariffs on 87% of the items being exchanged between them.

The remaining 13% includes items that each of the six parties considers as sensitive items whose free imports may damage their domestic industry or agriculture.