0642 GMT August 15, 2018
Iran and the Eurasian Economic Union (EEU) finalized an agreement on establishing a free trade zone.The EEU announced on Saturday that Iran and EEU member states will observe the basic principles of World Trade Organization and bring about proper conditions for trading all goods within the framework of commerce collaborations, IRNA reported.
Iran and the EEU negotiated the creation of the free trade zone for 18 months.
Minister of Communications and Information Technology Mahmoud Vaezi and minister for Trade of the Eurasian Economic Commission examined the various dimensions of the agreement.
On the sidelines of the meeting, on June 2, Vaezi said that Iran started with 200 items and can increase the number. According to the deal, the move toward free trade will start after three years of preferred tariffs.
The EEU is an economic union of states located primarily in northern Eurasia. It provides for the free movement of goods, services, capital and labor within member states.
The current members of the union are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia that all in all have a GDP of $2.2 trillion, $3.1 trillion of industrial products, and $877 billion trade with non-member countries that equals 7.3 percent of world export and 3.2 percent of world import.