Iran Finalizes Free Trade Deal with EAEU
Iran’s parliament has formally ratified a free trade agreement with the Eurasian Economic Union (EAEU), paving the way for the government to implement the accord.
Parliament Speaker Mohammad Baqer Qalibaf sent a letter on Monday to President Masoud Pezeshkian, informing him of the legislation governing trade relations with the EAEU.Qalibaf stated that the law is based on a bill passed by the legislature on February 4 and was endorsed by the Guardian Council on March 2.Under the agreement, Iran will gain tariff-free access to nearly 87 percent of its trade with EAEU members, including Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia.Previously, Iran and the EAEU operated under a preferential trade deal signed in June 2017 in Armenia.Akbar Godari, head of the Trade Promotion Organization (TPO) office for Central Asia, the Caucasus, and Russia, said on Monday that Iran would begin implementing the deal within the next two months.Speaking to ILNA news agency, Godari confirmed that all EAEU member states have approved the agreement, allowing for its immediate execution.The deal covers some 500 goods and commodities and is expected to enhance Iran’s competitive position in regional markets.Iran also took a step toward deeper economic integration by securing observer status in the EAEU, following an agreement signed during the bloc’s Supreme Council meeting in Saint Petersburg on December 26.
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