27.04.2022 (Обновлено: 01.06.2022 17:41)

EAEU and Iran continued negotiations on Free Trade Agreement

The third round of negotiations on concluding a Free Trade Agreement between the EAEU and the Islamic Republic of Iran took place on April 26-27 in Moscow.

"We continue active work on forming a free trade area. We have made a step forward on approving a number of "open" issues under the Agreement as well as effectively exchanged views on how to most efficiently build further work in terms of forming mutual obligations to abolish duties in mutual trade. The next round will be held in early July in Iran", Anton Tsetsinovsky, Head of the Section of Special Issues of Trade Regulation of the EEC Trade Policy Department, reported following the negotiations.
Alongside with the work on concluding the Free Trade Agreement, the EAEU countries and Iran carry out some procedures required for enacting the Protocol on extending the Interim Agreement signed in mid-March. Implementing this document will enable ensuring a seamless transition from a temporary to a full-fledged free trade regime between our countries.

For reference

The Interim Agreement leading to the formation of a free trade area between the EAEU and its Member States, on the one part, and the Islamic Republic of Iran, on the other part, was concluded on May 17, 2018 and has been in effect since October 27, 2019.

The turnover between the EAEU and Iran amounted to 5,037.5 mln US dollars in 2021, increasing by 73.5% compared to 2020 (2,904.3 mln dollars). Along with that, exports increased 2.1 times (from 1,650.9 mln dollars to 3,423.6 mln dollars), and imports grew by 28.8% (from 1,253.4 mln dollars to 1,613.8 mln dollars).