YEREVAN, MAY 17, ARMENPRESS. The Eurasian Economic Union (EAEU) and Iran on May 17 signed a provisional free trade zone agreement during the Astana economic forum, TASS reports.

“The current agreement includes an initial list of goods with lowered or cancelled customs fees upon its enforcement. The agreement covers half of mutual trade”, Tigran Sargsyan, chairman of the Board of the Eurasian Economic Commission (EEC), said, adding that in 2017 trade between the EAEU and Iran reached 2.7 billion US dollars.

According to the EEC Board Chairman, after the agreement comes into effect, its signatories will be spared payment of customs duties.

The list for the EAEU includes meat and fat-and-oil products, certain types of confectioneries and chocolate, cosmetics, electronic and mechanical equipment. Iran will enjoy tariff preferences on vegetables, fruits, dried fruits and building materials.

“Average import duties for industrial goods will go down by seven percentage points for Iran, and by 3.5 points for the EAEU countries. Import duties for farming products will be down by 19 points for Iran and by five points for the EAEU”, Sargsyan said, adding that a full-fledged agreement may be signed in three years.

English –translator/editor: Aneta Harutyunyan