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EEU and Iran sign interim agreement on free trade zone

The interim agreement leading to the formation of a free trade zone between the Eurasian Economic Union (EEU) and Iran was signed on May 17 in the framework of the Astana Economic Forum. The press service of the Eurasian Economic Commission (EEC) reported.

The interim agreement will be in force for three years. During this time, it is planned to agree on a full-format agreement. The Vice Prime Minister of Kyrgyzstan Zamirbek Askarov noted the advantages that the republic would get after the entry into force of the interim agreement. In addition, he noted the importance of setting in the agreement obligations of the parties to establish the most-favored-nation treatment.

«The volume of trade between Iran and Kyrgyzstan is still small, but there is a growth in mutual trade. Kyrgyzstan can supply Iran with pasta, butter, incandescent light bulbs and other products,» said Zamirbek Askarov.

The list of goods that EEU countries will be able to supply at reduced customs duties includes meat products, fat and oil products, certain types of confectionery and chocolate, as well as metals, cosmetics, certain types of electronic and mechanical equipment.

The Iranian side will be given tariff preferences for vegetables, fruit, dried fruit, as well as building materials, dishes, carpets, and some non-ferrous metal products.