Iran’s parliament has approved a free trade deal with the EAEU, enabling tariff-free exports on 87% of trade with member states. The agreement, which covers around 500 goods, aims to boost Iran’s position in regional markets and is set to be implemented within the next two months. Additionally, Iran has attained observer status within the EAEU.
The Iranian parliament has enacted a free trade agreement with the Eurasian Economic Union (EAEU), allowing the government to begin implementation of the accord. Parliament Speaker Mohammad Baqer Ghalibaf communicated this development to President Masoud Pezeshkian, confirming the law’s passage, which aligns with a previous bill from February and the Guardian Council’s approval in early March.
The enacted law permits Iran to export nearly 87 percent of its goods to EAEU member states, which include Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia, without incurring tariffs. This agreement builds upon a preferential trade arrangement established in June 2017.
According to Akbar Godari, head of the Trade Promotion Organization’s office for Central Asia, Caucasus and Russia, Iran plans to implement the free trade agreement within the next two months. He emphasized that all EAEU member parliaments have ratified the deal, paving the way for new trade protocols.
The free trade agreement is set to encompass approximately 500 goods and commodities, notably enhancing Iran’s competitive edge in regional markets. Iran formalized its engagement with the EAEU further by attaining observer status during a council meeting held in Saint Petersburg, Russia, on December 26.
In summary, Iran’s recent approval of a free trade deal with the EAEU marks a significant milestone in its trade relations. This agreement not only eliminates tariffs on a substantial portion of Iran’s exports but also strengthens its economic ties with key regional partners. The anticipated implementation within the coming months is expected to enhance Iran’s competitiveness in various markets.
Original Source: www.presstv.ir
