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10 December 2021, 17:02

EAEU-Iran interim free trade agreement extended until 2025

MOSCOW, 10 December (BelTA) – The interim free trade agreement between the Eurasian Economic Union and Iran has been extended until 2025, official representative of the Eurasian Economic Commission (EEC) Iya Malkina told a briefing for the press after the Supreme Eurasian Economic Council meeting on 10 December, BelTA has learned.

"During the summit, the parties signed a protocol to the interim agreement leading to the formation of a free trade zone between the Eurasian Economic Union and Iran," Iya Malkina said. "The interim agreement has been extended until 27 October 2025 or until the free trade agreement enters into force, whichever comes first."

She recalled that the negotiations on the full-fledged free trade agreement are based on the regime in force between the EAEU and Iran in accordance with the interim agreement since October 2019. In H1 2021, trade with Iran posted a great growth: the exports of the EAEU member states surged by almost 47% to total $1.35 billion, imports - by 34% to $825 million. Trade between the EAEU countries and Iran increased by 27% over the same period in 2019, exports rose by 27%, imports - by almost 70%.

The Supreme Eurasian Economic Council summit was held via video conference. It was attended by Belarusian President Aleksandr Lukashenko.

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