Isfahan (IP) – The round of negotiations on concluding a Free Trade Agreement between the Eurasian Economic Union(EAEU) and the Islamic Republic of Iran was held in Isfahan Province.

Iran PressIran News: The Eurasian Economic Union consists of five countries, Russia, Belarus, Armenia, Kazakhstan, and Kyrgyzstan, which was formed in 2015.

The Islamic Republic of Iran, Vietnam, and Serbia currently have an executive trade agreement with EAEU, and more than 40 countries are applying to conclude a free trade agreement with the union.

Iran Trade Promotion Organization (TPO)'s advisor in international affairs, Mirhadi Seyedi, said: "The purpose of these negotiations is to move towards the conclusion of a free trade agreement between the two parties, based on which the import tariff of at least 80% of the goods will be reduced to zero for the other party's goods."

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He noted that the preferential trade agreement between Iran and the EAEU had been implemented since October 27, 2019, and there has been a 70% increase in trade between the two sides.

Seyedi pointed out that according to the current agreement, which is the preferential one, the number of 509 goods from the Eurasian side and 390 items from the Iranian side were subject to tariff reduction.

He highlighted that the purpose of these free trade negotiations is to develop the preferential agreement and turn it into a free trade agreement.


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