Iran’s Parliament Ratifies Agreement on Eurasia Free Trade Zone

Iran’s Parliament Ratifies Agreement on Eurasia Free Trade Zone

TEHRAN (Tasnim) – The Iranian parliament on Monday ratified an agreement that allows the administration to join a free trade zone with the Eurasian Economic Union (EAEU) countries.

In an open session of the Parliament on Monday morning, the lawmakers ratified the agreement between Tehran and the Eurasian Economic Union on the formation of a joint free trade zone.

The agreement, signed in Kazakhstan in May 2018, sets the main rules of trade between the EAEU, Iran and those of the World Trade Organization (WTO), of which Iran is not a member.

The free trade zone is planned to be in effect for four years, under which the EAEU will grant Iran tariff concessions on more than 500 items.

Russia’s State Duma and the Federation Council had ratified the agreement to establish Iran-EAEU free trade zone in November 2018.

The Eurasian Economic Union includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. Iran and EAEU members started to develop the agreement on the free trade in 2015, though the signing was postponed several times.

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