Armenia initiates signing of free trade agreement between EEU and Islamic Republic

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11.09.2015, 12:03

Deputy foreign minister Shavarsh Kocharyan confirmed Thursday that the Russia-led Eurasian Economic Union (EEU) agreed to look into an Armenian proposal to sign free trade agreement with the Islamic Republic of Iran.

Armenia initiates signing of free trade agreement between EEU and Islamic Republic

YEREVAN, September 11. / ARKA /. Deputy foreign minister Shavarsh Kocharyan confirmed Thursday that the Russia-led Eurasian Economic Union (EEU) agreed to look into an Armenian proposal to sign free trade agreement with the Islamic Republic of Iran.

In an interview with an Armenian daily 'Haykakan Zhamanak' (Armenian Time) Kocharyan said three months ago Armenia asked the Eurasian Economic Commission (EEC), the executive arm of EEU, and all member states, to start a process of creating a preferential trade regime between the Eurasian

Economic Union and Iran. He added that a task force will be set up to that end with representatives of EEC and all member state to look into the available markets, risks and benefits that EEU member states could get from it.

"It is hard to say now when the task force will end the study. It depends on the negotiations with Iran. In the end, if we are talking about a free trade zone, it implies a list of goods that will enjoy preferences. Each of the goods is to be negotiated,» he said.

According to Kocharyan, Iran is interested in signing a free trade agreement. As for Armenia, in the case of successful completion of the process, it would finally benefit from its membership in the EEU.

According to Armenia's National Statistical Service, Armenia’s trade with Iran in 2014 stood at $291 million. Some 70 percent of that figure made Armenian imports of Iranian goods. .-0-

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