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Medvedev Approves Agreement on Free Trade Zone between EAEU and Iran

Saturday 28 July 2018

MOSCOW (TASS) —. Russian Prime Minister Dmitry Medvedev has approved a draft interim agreement with a term of four years that provides for the formation of a free trade area between the Eurasian Economic Union (EAEU) and Iran, according to a relevant decree released on the government website on Tuesday.

The agreement provides for the formation of a free trade area on a limited range of goods between the EAEU and Iran. The report states:

By signing a decree, the Russian side approves the draft interim agreement providing for the formation of a free trade zone between the Eurasian Economic Union and its states, on the one side, and the Islamic Republic of Iran, on the other side.

The agreement provides for the formation of a free trade area on a limited range of goods and is subject to ratification as it contains regulations differing from those provided by the Russian legislation.

In March, Iranian Ambassador to Russia Mehdi Sanaei said in an interview with TASS that the negotiations on establishing a free trade zone between the EAEU and Iran were nearing completion. The work on the agreement began in 2015, but the signing was postponed several times. The EAEU includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.

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