Eurasian Economic Union signs full-scale free trade agreement with Iran


YEREVAN, DECEMBER 25, ARMENPRESS. The countries of the Eurasian Economic Union (EAEU) have signed a full-scale free trade agreement with Iran, TASS news agency reports.

The signing took place as part of a meeting of the Supreme Eurasian Economic Council in St. Petersburg. At the ceremony, the document was signed by the Chairman of the Board of the Eurasian Economic Commission (EEC) Mikhail Myasnikovich, Deputy Prime Minister of the Russian Federation Alexey Overchuk and Iran’s Industry, Mining, and Trade Minister Abbas Ali-Abadi. The agreement was also signed by representatives of Belarus, Armenia, Kazakhstan and Kyrgyzstan.

"The agreement officially comes into force from the moment it is ratified by the member states. I think that their parliaments will not delay this process and will carry it out quickly enough," Myasnikovich told reporters after the ceremony. According to him, now the parties should carry out practical work on the formation of mechanisms for the implementation of both trade and investment provisions of the agreement.

"We made calculations: at the current level of development of relations, this will allow saving, first of all, on the payment of customs duties and payments, and here we obtain very serious amounts, which will be saved by both Russian business and Iranian business. Naturally, better opportunities will be created for entering each other’s markets," Overchuk noted. According to Abbass Ali-Abadi, the agreement creates the preconditions to develop not only trade between countries, but also tourism.

The temporary agreement on creation of a free trade zone between the EAEU and Iran was concluded on May 17, 2018 and came into force on October 27, 2019.

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS