EAEU Trade Board: 'Crossroads of Peace' is a key initiative

PanARMENIAN.Net - Armenia’s 'Crossroads of Peace' initiative holds strategic importance, according to the Eurasian Economic Commission’s Trade Board, reports Armenpress.

"We expect the implementation of the 'Crossroads of Peace' project to strengthen Armenia’s role in Greater Eurasia, particularly by expanding transport corridors and increasing transit potential. Diversifying transport routes in the South Caucasus will positively impact not only the region’s transportation network but also trade relations between the EAEU and third countries, including Iran," the official statement reads.

The commission emphasized that Iran’s government has officially expressed support for the project, highlighting the dynamic development of cooperation between Iran and the EAEU member states.

"We are approaching the final stage of the full free trade agreement between the EAEU and Iran. Signed in December 2023, the agreement is expected to take effect in May this year. We are confident that its implementation will significantly boost trade, allowing for a more efficient use of existing trade potential. As part of the agreement with Iran, we have achieved substantial progress in tariff liberalization, with over 90% of goods to be exempt from customs duties," the statement continues.

According to the EAEU Trade Board, Armenian exports to Iran will benefit significantly from this agreement, as most exported goods will fall under preferential customs regimes. Beyond market access, the agreement also emphasizes sectoral economic cooperation, particularly in transport and transit cargo development.

"With the significant growth of trade between the EAEU and Iran, upgrading logistics infrastructure, improving transport chains, advancing digitalization, and developing new logistics hubs are becoming priority issues. In this context, the 'Crossroads of Peace' transport initiative is of strategic importance," the EAEU Trade Board stated.