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Eurasian Economic Union, Iran sign provisional FTA

Economy 17.05.2018 | 11:35
Photo courtesy of the Eurasian Economic Commission
Photo courtesy of the Eurasian Economic Commission

MINSK, 17 May (BelTA) – The Eurasian Economic Union (EAEU) and Iran signed a provisional free trade agreement in order to increase trade between the countries by facilitating customs regulations, TASS reported.

“The provisional agreement includes an initial list of goods, the import duties on which will be reduced or zeroed in mutual trade after the agreement comes into force. The agreement covers half of mutual trade," Chairman of the Board of the Eurasian Economic Commission Tigran Sargsyan said at the economic forum in Astana, Kazakhstan. In 2017 the trade between the EAEU and Iran reached $2.7 billion.

Tigran Sargsyan noted that once agreement is up and running, the EAEU member states and Iran will be able to save on customs import duties. The list for the EAEU includes meat and fat-and-oil products, certain types of confectioneries and chocolate, cosmetics, electronic and mechanical equipment. Iran will enjoy tariff preferences on vegetables, fruits, dried fruits and building materials.

"Average import duties on industrial goods will go down by seven percentage points for Iran, and by 3.5 points for the EAEU member states. Import duties on farm products will go down by 19 percentage points for Iran and by five points for the EAEU," Tigran Sargsyan said.

A full-fledged agreement between the EAEU and Iran may be signed in three years.

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