ArmInfo.Iranian President Hassan Rouhani sent a decree on a temporary agreement to create a free trade zone (FTA) with the Eurasian Economic Union (EAEU) to the relevant department.
According to RIA Novosti, citing a message published on the Iranian President's website, Rouhani forwarded the relevant law to the Iranian Ministry of Industry and Trade for implementation.
In early June, the Iranian parliament ratified a temporary FTA agreement with the EAEU. The EAEU countries and Iran signed a temporary agreement on the creation of a free trade zone during the Astana Economic Forum on May 17, 2018. It is designed for three years and provides for the formation of an FTA on a limited range of goods between the EAEU and Iran. Russia ratified the agreement in November 2018. Under the terms of the agreement, no later than one year after its entry into force, the parties pledge to begin negotiations on a full-fledged free trade agreement. The implementation of the agreement will contribute to an increase in trade volumes and the development of economic ties between its participants, an increase in the supply of Russian industrial and agricultural products to Iran.
The document forms the basic rules of trade between the EAEU and Iran, as close as possible to the rules of the WTO, and also covers issues of the most favored nation and national treatment, the application of protective measures and customs administration. The Eurasian Economic Union (EAEU) was established on the basis of the Customs Union and the Common Economic Space and has been operating since January 1, 2015. The members of the EAEU are Armenia, Belarus, Kazakhstan, Russia and Kyrgyzstan.