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28 June 2022, 17:05

Belarusian senators ratify protocol to interim agreement on free trade zone between EAEU, Iran

MINSK, 28 June (BelTA) - Senators approved the bill "On ratification of the Protocol to the interim agreement enabling formation of a free trade area between the Eurasian Economic Union (EAEU) and the Islamic Republic of Iran at a meeting of the eighth session of the Council of the Republic of the National Assembly of the Republic of Belarus of the seventh convocation on 28 June, BelTA has learned.

The protocol was signed in Tehran and provides for the extension of the interim agreement for three years (until 27 October 2025) or until a full-fledged agreement enter into force.

According to the interim agreement, import customs duties in trade between the EAEU member states and Iran are reduced or zeroed across a limited range of commodities.

Following resolution No. 16 of the Supreme Eurasian Economic Council of 11 December 2020, the EAEU member states began negotiations with Iran to conclude a full-fledged free trade agreement.

"This bill will not entail negative financial and economic consequences," said Sergei Rachkov, Chairman of the Standing Commission on International Affairs and National Security of the Council of the Republic. “Moreover, one of Belarus' goals in the cooperation with Iran is to increase mutual trade. This bill meets this goal and the interests of the Republic of Belarus."

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