Wednesday, May 25 2016 11:10
Naira Badalian

Informal consultations for temporary free trade agreement between Eurasian Economic Union and Iran will commence in June

Informal consultations for temporary free trade agreement between  Eurasian Economic Union and Iran will commence in June

ArmInfo. Informal consultations for temporary free trade agreement between Eurasian Economic Union and Iran will commence in June, says Veronika Nikishina, Member of the Board - Minister in charge of Trade, Eurasian Economic Commission.

 
According to RIA Novosti, Nikishina said it is the first step towards liquidation of the existing tariff and non-tariff barriers in the trade. "However, the decision to sign the agreement will be made only after the results of the joint survey group are be submitted to the presidents, who in turn decide if there are enough benefits from such work to authorize us to launch negotiations," she told journalists on the margins of the economic forum in Astana.
 
Earlier, the EEC Board charged launching informal consultations with Iran for a temporary free trade agreement. 
 
According to the EEC, in Q1 2016, the commodity turnover of the EEU with Iran increased 10.9% as compared to the same period of 2015. Export increased 16.2%, import fell 3.2%. Russia accounts for 63.5% ($406.5mln) of total commodity turnover of Iran and the EEU, 
Kazakhstan - 25.8% of $164.9mln and Armenia - 8.6% or  $54.8mln.

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