Russia’s Duma confirms agreement to establish Iran-Eurasia free trade zone

The agreement was endorsed with the majority votes of Duma representatives unanimously.

Iran and Eurasian Economic Union (EAEU) signed a temporary agreement for setting up free trade zone in Kazakh’s capital Astana on May 17.

Tigran Sargsyan President of Eurasian Economic Union (EAEU) said that list of the goods which reduces mutual trade tariffs has been stipulated in the agreement inked with the Islamic Republic of Iran.

He put the volume of trade exchanged between Iran and EAEU member states in 2017 at $2.7 billion.

He went on to say that EAEU and Iran can sign and seal permanent contract in free trade zone after three years.

With regard to signing and sealing a contract for the establishment of free trade zone between Iran and Eurasian Economic Union, Iranian Ambassador to Russia Mehdi Sanaei had earlier said, “these talks started two years ago and currently, a list of the goods that are going to be tariffed has been provided and the two sides finally reached to an agreement in this regard.”

Sanaei pointed to the advantages of this contract for the Islamic Republic of Iran and said, “once this contract is put into effect, it will leave a very important impact in facilitation of regional trade.”

EAEU is a political and economic union of states located in central and northern Eurasia. The treaty aiming for the establishment of the EAEU was signed by the leaders of Belarus, Kazakhstan and Russia, and started its work in 2015.

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