Regional Economic Coop. Advances to New Level
The interim agreement on the formation of a free trade zone between Eurasian Economic Union and Iran has taken Tehran to a new level of regional economic cooperation and links Iran's economy with other states, a senior Iranian energy official says.
“The signing of the interim agreement shows the fact that Iranian economy has entered a new level of regional economic cooperation,” Davood Mirzakhani, Iranian energy minister's aide in Iran-Russia Cooperation Commission, was quoted as saying by IRNA.
Iran and the Eurasian Economic Union are looking to substantially increase trade, as the two sides signed a three-year provisional agreement on May 17, 2018, for the bloc to welcome Iran into EEU.
The arrangement is the first step in implementing free trade between Iran and the five members of the union. It lowers or abolishes customs duties, setting off a three-year process for a permanent trade agreement.
Russian Ministry of Industry and Trade said last month that a full-fledged agreement on a free trade zone between Iran and EEU will be concluded by early 2022.
According to the ministry, the interim agreement signed in May covers 50% of the trade between the parties and will enter into force in early 2019.
source: Financial Tribune
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