On June 14, the Government of Armenia approved the ratification of the free trade agreement between the member states of the Eurasian Economic Union (EAEU) and Iran, which was signed on December 25, 2023, in Saint Petersburg.
The main objectives of the agreement are to use the regulatory part of the temporary agreement as a basis for negotiations within the framework of the free trade agreement, to ensure the access of the maximum number of goods to the Iranian market without customs duties, and at the same time to maintain the access conditions contained in the temporary agreement, as reported by ARKA news agency.
The agreement covers a wide range of economic cooperation issues, including the simplification and promotion of mutual trade, protection of the domestic market, customs regulation, competitiveness, public procurement, and several other issues.
As part of the agreement, the Iranian side, for the first time in its international trade agreements, commits to eliminating customs duties on imports.
The document, signed at the end of last year, is intended to replace the temporary agreement in force since 2018.
According to the Eurasian Economic Commission, over the past five years of the functioning of the Temporary Trade Agreement, the trade turnover between the EAEU and Iran has more than doubled—from $2.4 billion in 2019 to $5.2 billion in 2023. The positive trend in trade development continues in 2024.
