Envoy expects quick ratification of free trade deal with EAEU

TEHRAN, Feb. 10 (MNA) – Iranian Ambassador to Russia Mehdi Sanaei said he expects the Iranian parliament to ratify the free trade agreement between the Eurasian Economic Union (EAEU) and Iran in the near future.

"The document has been sent to the Iranian parliament. It is being extraordinarily considered and consequently will soon be approved," Sanaei said in an interview on Friday.

The document has been already ratified in parliaments of Russia, Belraus, and Kazakhstan, he added.

Sanaei highlighted the importance of the Iran-EAEU free trade agreement for Tehran, adding “the promotion of the level of trade relations with Russia and other countries of the Eurasian Economic Union is very important to us, and I am confident that establishing a free trade zone between Iran and these countries will help a lot.”

“The agreement is very important for Iran,” he said, adding “because it opens the gates to a big market for our country, and also opens the Iranian market to Russia and northern countries.”

“This opportunity will benefit all sides,” he stressed.

The agreement was signed in Astana on May 17, 2018, which sets the main rules of trade between the EAEU and Iran most closely to those of the World Trade Organization (WTO), which Iran does not belong to.

The agreement creates conditions for boosting the development of trade and economic cooperation between countries through the liberalization of the rules of their mutual trade. The document defines the obligations of the parties, providing for the reduction or elimination of tariffs and non-tariff barriers in relation to certain goods. The agreement also establishes preferential rates of customs duties that apply to such goods.

MNA/4537688

News Code 142356

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