EghtesadOnline: The Islamic Republic of Iran and the Eurasian Economic Union (EAEU) finalized their agreement to create a free trade zone.
The EAEU announced on Saturday that Iran and EAEU members will observe the basic principles of World Trade Organization and create the proper conditions for trading all goods in the framework of commerce collaborations, IRNA reported.
Iran and the EAEU negotiated for 18 months for creating the free trade zone.
Minister of Communications Mahmoud Vaezi and Minister for Trade of the Eurasian Economic Commission examined the different dimensions of the agreement.
On the sidelines of the meeting, on June 2, Vaezi said, Iran has started with 200 items and can increase the number and that according to the deal after 3 years of preferred tariff, the movement toward free trade will start.
The EAEU is an economic union of states located primarily in northern Eurasia. It provides for the free movement of goods, services, capital and labor within the member states.
Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia are the current member states of the union that all in all have a GDP of & 2.2 trillion, $ 3.1 trillion dollars of industrial products, and $ 877 billion trade with non-member countries that equals 7.3% of world export and 3.2% of world import.