Monday, December 25 2023 17:19
Alina Hovhannisyan

EAEU, Iran sign full-scale free trade agreement

EAEU, Iran sign full-scale free trade agreement

ArmInfo. The EAEU and Iran signed a full-scale free trade agreement.

The signing took place as part of a meeting of the Supreme Eurasian Economic Council in St. Petersburg. At the ceremony, the document was signed by Chairman of the Board of the Eurasian Economic Commission (EEC) Mikhail Myasnikovich, Deputy Prime Minister of the Russian Federation Alexey Overchuk and Industry, Mining, and Trade Minister Abbas Ali-Abadi.

A corresponding agreement was also signed by representatives of Armenia, Belarus, Kazakhstan and Kyrgyzstan.

The temporary agreement on creation of a free trade zone between the EAEU and Iran was concluded on May 17, 2018 and came into force on October 27, 2019.

According to forecasts of the Eurasian Economic Commission (EEC), the countries' trade turnover after the agreement enters into force may reach $18-20 billion over the next approximately 5-7 years.

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