Iranian parliament ratifies interim agreement on free trade zone with EEU

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The Iranian Parliament on Monday ratified a temporary agreement on a free trade zone (FTA) with the Eurasian Economic Union (EEU), RIA Novosti reports.

The EEU countries and Iran signed a temporary agreement on the creation of a free trade zone during the Astana Economic Forum on May 17, 2018. It is designed for three years and provides for the formation of an FTA on a limited range of goods between the EEU and Iran.

According to the terms of the agreement, not later than one year after its entry into force, the parties undertake to begin negotiations to conclude a full-fledged free trade agreement. The implementation of the agreement will contribute to an increase in the volume of trade and the development of economic ties between its participants, an increase in the supply of Russian industrial and agricultural products to Iran.

The document forms the basic rules of trade between the EEU and Iran, as close as possible to the rules of the WTO, also covers issues of the most favored nation and national treatment, the application of protective measures and customs administration.

The Eurasian Economic Union (EEU) was established on the basis of the Customs Union and the Common Economic Space and has been operating since January 1, 2015. The members of the EEU are Armenia, Belarus, Kazakhstan, Russia and Kyrgyzstan.

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