EEU, Iran continue negotiations on free trade zone

The Eurasian Economic Union and Iran continue negotiations on the signing of an interim agreement leading to the formation of a free trade zone. The Eurasian Economic Commission reported.

It is noted that the parties continued discussing the scope of goods and possible mutual concessions within the framework of the future interim agreement. The interim agreement will ensure the operation of the preferential trading regime with respect to a limited list of goods nomenclature. The agreement will be in force for three years, during which the parties will have to hold negotiations on a full-format free trade agreement.

Recall, EEU already has an agreement on the establishment of a free trade zone with Vietnam. It was signed in 2015, and entered into force in 2016. At the same time, the leaders of the countries of the Eurasian Economic Union stated that they are aimed at expanding trade cooperation with third countries through creation of free trade zones.