Iran Proposes Eurasian Free Zones Body to Boost Economic Cooperation

A senior Iranian foreign ministry official has proposed establishing a Eurasian free zones organization to promote economic cooperation and synergy among member states.

Mohammadreza Nazeri, director general for economic coordination at the Ministry of Foreign Affairs, said on Monday that free trade zones allow goods to be imported, exported or re-exported with minimal customs tariffs, while offering incentive and support frameworks for foreign investors.

He said Iran’s free zones provide five to ten years of tax exemptions, guarantees for principal and profit repatriation, and facilitation of capital inflows and outflows. The foreign ministry also operates offices in these zones to ease the entry and exit of foreign visitors, he added.

Nazeri said cooperation among free zones should be framed around technology while adapting global knowledge to local models, noting that Iran has developed its free zones based on domestic expertise. He said the zones hold significant trade, tourism and geopolitical potential and have increasingly focused on production as the main form of investment.

Referring to the Chabahar railway and the Khorramshahr–Shalamcheh rail line, Nazeri said the routes could connect Commonwealth of Independent States (CIS) countries to the Indian Ocean and Iraq. He proposed the creation of a specialized Eurasian free zones cooperation body to strengthen member economies and improve access to open waters via Iran. - Tehran Times