EEC highlights strategic significance of Armenia’s Crossroads of Peace project

The trade department of the Eurasian Economic Commission (EEC), the executive body of the Eurasian Economic Union (EEU), has described the Armenian government’s Crossroads of Peace project as having strategic significance.

“We expect the implementation of the Crossroads of Peace project to significantly strengthen Armenia’s role in the greater Eurasia territory, especially through expansion of transport corridors and increase of transit potential,” the office of Andrey Slepnev, the ​Member of the Board - Minister in charge of Trade​ at the Eurasian Economic Commission said in response to a query from Armenpress.

In written comments for Armenpress, the office of the EEC trade minister added that “diversification of transport connections in the South Caucasus will have positive impact not only on the region’s transport system but the development of trade relations between the EEU and third countries, including Iran.”

The EEC trade minister's office recalled that the Iranian government has also officially endorsed the project, underscoring the dynamically developing cooperation between EEU member states and Iran.

“We are approaching the final stage of the full taking effect of the EEU-Iran free trade agreement. It was signed in December 2023 and it is expected to take effect in May this year. We are convinced that the implementation of this agreement will significantly boost trade development because it will allow to more effectively utilize the existing trade potential. We’ve achieved significant results within the framework of the agreement with Iran in the liberalization of the free trade mode’s customs duties, and more than 90% of goods will be free of customs duties,” the EEC trade minister's office said. 

According to the EEC trade department, Armenian exports to Iran will benefit from the agreement, and most of the goods will be included in the dimension of the customs duties privileges. Besides the market access, the agreement highlights cooperation in various branches of the economy, especially in developing transport and transit shipments.

“Amid the significant growth of trade turnover between EEU and Iran, the modernization of logistic infrastructures, increase of efficiency of transport networks, digitization and development of new logistic centers have become agenda items. In this context the Crossroads of Peace transport initiative has strategic significance,” the EEC trade department said.