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EAEU-Iran: Provisional Free Trade Zone Agreement

The Astana Times

The Eurasian Economic Union (EAEU) and Iran on May 17 signed a provisional free trade zone agreement during the Astana economic forum, TASS reports.

"The current agreement includes an initial list of goods with lowered or cancelled customs fees upon its enforcement. The agreement covers half of mutual trade", Tigran Sargsyan, chairman of the Board of the Eurasian Economic Commission (EEC), said, adding that in 2017 trade between the EAEU and Iran reached 2.7 billion US dollars.

According to the EEC Board Chairman, after the agreement comes into effect, its signatories will be spared payment of customs duties. The list for the EAEU includes meat and fat-and-oil products, certain types of confectioneries and chocolate, cosmetics, electronic and mechanical equipment. Iran will enjoy tariff preferences on vegetables, fruits, dried fruits and building materials.

 


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