An interim agreement with a term of 4 years that provides for the establishment of a free trade area on a limited range of goods between the Eurasian Economic Union and Iran was signed by Russian Prime Minister Dmitry Medvedev, TASS agency reported.
“The agreement provides for the formation of a free trade area on a limited range of goods between the EAEU and Iran. The EAEU will grant Iran tariff concessions on 502 harmonized commodity codes,” the statement said.
The work on a free trade zone between Iran and the Eurasian Economic Union began in 2015, though the signing has been repeatedly postponed.
According to the statement, the draft agreement was prepared to fulfill the decision of the meeting of the Eurasian Economic Council in December 2016, on starting talks with Iran on concluding an interim agreement leading to the formation of a free trade area.
“In accordance with the federal law On the International Treaties of the Russian Federation the agreement is subject to ratification after signing because it contains rules that differ from those envisaged by Russian legislation,” the statement said.
In March, Iranian Ambassador to Russia Mehdi Sanaei said in an interview that the negotiations on establishing a free trade zone between the EAEU and Iran were nearing completion. The work on the agreement began in 2015, but the signing was repeatedly postponed.
The EAEU is a political and economic union of states located primarily in northern Eurasia, which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.
