Iran’s parliament has approved a free trade deal with the EAEU, allowing for significant trade benefits including tariff-free exports on 87% of goods. The agreement is set to take effect within two months and aims to enhance Iran’s competitiveness in regional markets. Iran also became an observer member of the EAEU in December 2022.
The Iranian parliament has ratified a free trade agreement with the Eurasian Economic Union (EAEU), enabling the government to implement the terms of this pact. Speaker Mohammad Baqer Ghalibaf informed President Masoud Pezeshkian of the law’s passage, which is rooted in a bill approved on February 4 and later sanctioned by the Guardian Council on March 2.
This newly enacted law grants Iran tariff-free exports on approximately 87 percent of its trade with EAEU member states: Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia. Previously, Iran was engaged in a preferential trade arrangement established under a June 2017 agreement.
Akbar Godari, head of the Trade Promotion Organization (TPO) office overseeing Central Asia, Caucasus, and Russia, announced that the implementation of the free trade agreement will commence within two months. He noted that all EAEU member parliaments had approved this deal, paving the way for trade under the new rules.
The upcoming free trade agreement will encompass around 500 commodities, significantly enhancing Iran’s competitiveness in regional markets. Additionally, Iran agreed to become an observer member of the EAEU during a December 26 meeting of the EAEU Supreme Council in Saint Petersburg, Russia.
In summary, the Iranian parliament’s approval of the free trade agreement with the EAEU marks a significant step in enhancing trade relations. This agreement will eliminate tariffs on a majority of trade, invigorating Iran’s economy and market competitiveness within the region. The swift implementation within the next two months, along with Iran’s status as an observer member, further solidifies its partnership with the EAEU.
Original Source: www.presstv.ir
