Russia endorses free trade zone between EEU and Iran

Russia endorses free trade zone between EEU and Iran

Russian Prime Minister Dmitry Medvedev signed an interim agreement with a term of 4 years that provides for the formation of a free trade area on a limited range of goods between the EEU and Iran, according to the government website.

"The agreement provides for the formation of a free trade area on a limited range of goods between the EEU and Iran. The EEU will grant Iran tariff concessions on 502 harmonised commodity codes," the statement says.

"In accordance with the federal law On the International Treaties of the Russian Federation the agreement is subject to ratification after signing because it contains rules that differ from those envisaged by Russian legislation," the statement says.

According to the statement, the draft agreement was prepared to fulfill the decision of the meeting of the Supreme Eurasian Economic Council of December 26, 2016, on starting talks with Iran on concluding an interim agreement leading to the formation of a free trade area, and endorsed at the session of the Council of the Eurasian Economic Commission on March 7, 2017.

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