EAEU confirms agreement on free trade zone with Iran

TEHRAN (defapress) – A temporary agreement previously reached on formation of a free trade zone with Iran has been concluded in a summit meeting of Eurasia Economic Union (EAEU) in St. Petersburg, Russia, according to Russian media.

News ID: 74187

Date: 07 December 2018 - 19:43

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 deal’s main advantage is a reduction in import duties and the formation of a transparent and predictable trade environment.

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.

The deal’s main advantage is a reduction in import duties and the formation of a transparent and predictable trade environment.

"Today the decision on enforcement of the agreement on trade and economic cooperation with China and a temporary free trade zone with Iran should be made, and we expect the talks on preferential trade agreements with Singapore, Israel, Serbia and in the future with India and Egypt to be completed shortly," Putin said.

The chairmanship in the EAEU next year is transferred to Armenia. At the moment, a non-formal meeting of the CIS leaders is taking place in St. Petersburg.

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