EAEU confirms agreement on free trade zone with Iran
A temporary agreement previously reached on formation of a free trade zone with Iran has been finalized in a summit meeting of Eurasia Economic Union (EAEU) in St. Petersburg, Russia.
IIran Press/Europe: During the meeting on Thursday, the EAEU leaders signed a package of documents, among which was an agreement of the formation of a free trade zone between the Union and the Islamic Republic of Iran.
The meeting, which was chaired by Russian President Vladimir Putin, was also attended by presidents of Belarus, Kazakhstan, and Kyrgyzstan, as well as the Armenian prime minister.
Iran and the EAEU signed a temporary agreement on formation of a free trade zone in Astana, Kazakhstan on May17, Ria Novosti reported.
The deal’s main advantage is a reduction in import duties and the formation of a transparent and predictable trade environment.
The arrangement is the first step in implementing free trade between Iran and the five members of the union, which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.
Earlier on November 29, Russian President Vladimir Putin accredited the interim agreement between the Eurasian Economic Union and Iran.
The EAEU was established in 2015 based on the Customs Union of Russia, Kazakhstan, and Belarus, and was later joined by Armenia and Kyrgyzstan.105/203