Europe: Russian President Vladimir Putin has finalized the interim agreement on creating a free trade zone between the Eurasian Economic Union and Iran.
The agreement signed on May 17 in Astana during an economic forum is about a 3-year term, Iran Press reports, citing “Ria Novosti”.
According to the agreement, the parties undertake to start talks on a full free trade agreement no later than a year after the entry into force of the temporary agreement.
On May 17, the five-nation Eurasian Economic Union (EAEU) signed a 3-year provisional agreement with Iran to welcome the Islamic Republic into the bloc’s free-trade zone.
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The chair of EAEU economic commission board, Tigran Sargsyan, speaking at a special ceremony in Astana, Kazakhstan on Thursday, said: "The temporary agreement stipulates an effective dispute settlement mechanism, including arbitration…It also creates a joint committee of high-ranking officials and establishes a business dialogue."
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.
Sargsyan said: "Our negotiators have already set a long-haul objective for the next three years to agree a full-fledged accord on a free trade zone."
Earlier on May 16, the head of the Economic Affairs Committee of the Iranian parliament, Reza Pour Ebrahimi had said: "Tehran intends to boost economic ties with Moscow and the prospect of the return of US sanctions will only serve to strengthen them. Not only will the previous agreements remain in force but, there will be new ones, there will be new contracts."
The EAEU was established in 2015 based on the Customs Union of Russia, Kazakhstan, and Belarus, and was later joined by Armenia and Kyrgyzstan.
On November 23, Russia’s Permanent Envoy to the United Nations and International Organizations in Vienna said that Moscow is determined to broaden its financial cooperation with Tehran despite US sanctions imposed on Iran.
Mikhail Ulyanov who was Speaking in an IAEA meeting, also emphasized that in spite of US illegal and destructive sanctions imposed against the Islamic Republic of Iran, Russia will make its utmost efforts to maintain and develop financial-economic cooperation with the Islamic Republic of Iran.
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Ulyanov added: "we are confident that JCPOA is strong enough, so that other countries remained in the deal enjoy high capability to resolve problems".
US President Donald Trump withdrew Washington from the nuclear agreement in May and reintroduced the first round of sanctions on Iran in August.
The second round of sanctions, including against the Iranian oil industry, came into effect on November 5. 203/103
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