Iran-EAEU Free Trade Agreement to Eliminate Tariffs on 88% of Goods Within Two Months

A member of the Iran-Russia Joint Chamber of Commerce has anticipated that more than 88% of commodities will be exchanged between Iran and the Eurasian Economic Union's (EAEU) member states with zero tariffs within the next two months.

Iran (IMNA) - Kambiz Mirkarimi, a member of the board of directors of the Iran-Russia Joint Chamber of Commerce, stated that the free trade agreements between the countries will facilitate the exporters' access to the target market. He noted that the Free Trade Agreement (FTA) between Iran and the EAEU members, including Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia, was one of the most important deals signed by Iran in recent years.

According to Mirkarimi, Iran's exports to the EAEU members stood at about $260 million until 2018, but after the implementation of the FTA in 2019, the country's exports to these countries immediately increased to above $400 million.

He further stated that it is expected that the FTA will be ratified by the parliaments of all member states of the union within the next two months, and trade tariffs on more than 88% of the goods exchanged among Iran, Russia, and EAEU members will be reduced to zero. This development will increase the competitiveness of Iranian products against the goods made in China, India, and other rivals.

The free trade agreement between the EAEU and Iran was signed during the EAEU Summit in St. Petersburg on December 25, 2023, according to the Mehr news agency. In 2018, Iran and the EAEU had previously inked a Preferential Trade Agreement (PTA), which came into effect on October 27, 2019, and the two sides later began negotiations to upgrade the PTA to an FTA.

News ID 750375


Your Comment

You are replying to: .