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19 June 2024, 14:45

EAEU, Iran seek full-fledged free trade zone

MINSK, 19 June (BelTA) – The bill on the ratification of the agreement on free trade between the Eurasian Economic Union member states and Iran was passed at the first session of the House of Representatives of the National Assembly of Belarus of the eighth convocation on 19 June, BelTA has learned.

The draft law has been prepared to express Belarus’ consent to be bound by the Free Trade Agreement between the Eurasian Economic Union and its member states and the Islamic Republic of Iran signed in St. Petersburg on 25 December 2023.

The purpose of the agreement is to create a full-scale free trade zone between the EAEU member states and Iran, which will ensure diversification of export supplies by removing tariff and non-tariff barriers to market access for a wide range of goods, as well as improve conditions for trade and economic cooperation.

The opening of the Iranian market by zeroing duties will provide Belarusian exporters with more competitive conditions for the supply of goods.

“This is a very important bill,” said Viktor Pleskach, a member of the House of Representatives Standing Committee on Housing Policy, Trade and Construction. “It opens up the possibility of work, trade and mutual relations with Iran. The president always says that we must seek friends and allies. This bill is aimed at making sure we can trade with this 80-million-strong country. It is a huge market.”

“Almost all the goods that we supply to the Iranian market will be supplied on favorable terms,” the MP said. “Nearby is China, with which Iran trades. We are going even deeper into other markets with this law.”
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