Iran signs free trade pact with EAEU
Iran and the member states of Eurasian Economic Union (EAEU), Belarus, Kazakhstan, Kyrgyzstan, Russia, and Armenia, signed a free trade agreement (FTA) in a ceremony in St. Petersburg on Monday.
Iranian Minister of Industry, Mine and Trade Abbas Aliabadi signed the agreement, which is the result of over two years of negotiations, on behalf of Iran, IRNA reported.
On behalf of the EAEU, the deputy prime ministers of the member countries signed the agreement.
The signing ceremony was attended by Iranian Deputy Foreign Minister for Economic Diplomacy Mehdi Safari, EAEU Minister in Charge of Trade Andrey Slepnev, Iran’s Ambassador to Russia Kazem Jalali, and a number of EAEU officials.
After signing the pact, it needs to be approved by the parliaments of six countries (Iran and five EAEU member states) in order to become law to become operational.
According to IRNA, the parties will completely lift tariffs for 87 percent of goods in their trade exchanges.
Last week, Slepnev said that Iran will become one of the most important trade partners of the Eurasian Economic Union with the signing of an FTA between the two sides.
He made the remarks in a meeting with Iranian Ambassador to Moscow Kazem Jalali.
He also called the agreement the most important cooperation document between the two sides.
Jalali, for his part, said the free trade agreement is the result of intensive negotiations and the will of the two sides to develop their relations.