Iran and Venezuela Set to Finalize Free Trade Agreement
A high-ranking Iranian government official has announced that the draft agreement for a free trade deal between Iran and Venezuela is expected to be finalized in the coming two days.
On Monday, Hamid Dehghan, Iran’s deputy trade minister, announced that Iranian and Venezuelan representatives are in discussions to finalize details of a free trade agreement. The talks are focusing on the list of goods and commodities that would be eligible for zero tariffs as part of the accord.
In a meeting held in Tehran, Dehghan announced the development alongside Johann Alvarez, who serves as Venezuela’s Vice Minister for Foreign Trade and Investment Promotion.
He stated that the free trade agreement is designed to benefit both Iran and Venezuela in an “equitable and amicable” fashion, ultimately resulting in a boost in Venezuelan exports to Iran.
An official stated that Iran and Venezuela have the potential to serve as mutual trade hubs for Asia and South America.
Iranian and Venezuelan officials have reportedly been engaged in discussions concerning safety and hygiene regulations for a list of agricultural, fishery, and manufacturing products. These products stand to benefit from zero tariffs under a free trade agreement between the nations.
Sources indicate that the agreement might pave the way for a rise in joint investment initiatives between Iran and Venezuela.
According to Dehghan, the trade ministers of Iran and Venezuela are poised to sign a free trade agreement once both nations reach a consensus on the agreement’s final draft.
Alvarez expressed optimism regarding the potential for significant growth in trade between Iran and Venezuela under the new free trade agreement. He emphasized that the present level of bilateral trade fails to accurately represent the strong ties that exist between the two nations.
Venezuela anticipates increased investment from Iran following the recent signing of a free trade agreement. The South American nation highlights its vast resources as presenting unique opportunities for Iranian enterprises and businesses.
