The Iranian Parliament (Majlis) has ratified an agreement to establish a free trade zone with the Eurasian Economic Union (EAEU). The document, reviewed during a plenary session following a report by the Economic Commission, marks an important step in developing trade relations between Iran and EAEU member states.
The agreement, comprising an introduction, 147 articles, and six annexes, represents the first phase in creating a comprehensive free trade zone. Its key element is the significant reduction or complete elimination of import customs duties on hundreds of goods traded between Iran and EAEU countries.
The adoption of this agreement opens up new opportunities for increasing trade turnover among its participants. Experts anticipate a substantial growth in mutual trade after the agreement comes into effect, fostering economic development for both Iran and the EAEU member states.
