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The free trade agreement between Eurasian Economic Union (EEU) and Iran has taken effect, the Eurasian Economic Commission (EEC) told Armenpress. The deal paves the way for increased trade across various sectors.
The EEU includes Armenia, Belarus, Russia, Kazakhstan and Kyrgyzstan.
“As part of the inception of the full-fledged agreement, the parties already started to organize the first joint committee session scheduled to take place in the second half of 2025,” EEC trade minister Andrey Slepnev said.
The full-fledged agreement replaces the temporary agreement that was in force since 2019.
Under the agreement, the average customs tariff rate for EEU exports into Iran will drop from 20% to 4,5%. The deal envisages mutual obligations by EEU and Iran to ensure preferential conditions for 90% of goods.
According to experts, the agreement will multiply the EEU-Iran trade turnover and it could reach 12 billion dollars.