Iran, EEU sign free trade agreement

YEREVAN, January 20, /ARKA/. A free trade agreement was signed between Iran and the Eurasian Economic Union (EEU) in Tehran on Thursday, Iranian news agency IRNA reported.

The agreement was signed by the Head of the Trade Promotion Organization of Iran (TPO) Alireza Peimanpak and EEU Minister of Trade Andrey Slepnev.

Speaking during a press conference on the sidelines of the signing ceremony, Peimanpak, who is also the Deputy Minister of Industry, Mine, and Trade, said that the agreement is expected to become operational by late September after being approved by the EEU member countries.

The two sides made the final talks on Thursday, according to which 90% of the items were put on the green trade list with the rest 10% enlisted as forbidden items, Peimanpak said.

Peimanpak said that a preferential trade agreement has positively affected trade between the two sides over the past three years. He added that zero tariffs for 90% of commodities will also lead to a breakthrough in both exports and imports.  

Slepnev said that Iran is a close ally of Russia and other EEU member countries. Despite all the restrictions caused by the outbreak of the coronavirus disease, EEU’s trade with Iran has grown by 20% over the past year, the official said.

EEU members are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.-0-