The Russian government has submitted to the State Duma a draft law on the ratification of a full-fledged agreement on the establishment of a free trade zone between the countries of the Eurasian Economic Union (EAEU) and Iran. The document is posted in the electronic database of the Duma, reports TASS.
The signing of the agreement took place in December 2023 during a meeting of the Supreme Eurasian Economic Council in St. Petersburg. The signing ceremony was attended by the Chairman of the Board of the Eurasian Economic Commission Mikhail Myasnikovich, Russian Deputy Prime Minister Alexey Overchuk, and Iranian Minister of Industry, Mines, and Trade Abbas Aliabadi. Representatives of Belarus, Armenia, Kazakhstan, and Kyrgyzstan also signed the agreement.
Following the signing of the document in December, Russian President Vladimir Putin noted that it implies a significant reduction in non-tariff barriers and a noticeable improvement in commercial cooperation between Russian and Iranian business circles.
The Russian Ministry of Economic Development explained that Tehran will provide tariff preferences for more than 95% of the current Russian exports to the country, as well as establish a predictable and transparent trade regime. The Eurasian Economic Commission stated that the establishment of a free trade zone with Iran will increase its trade volume with the EAEU countries to $18-20 billion per year within the next five to seven years.
