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National Bank of Kazakhstan

07/22/2021 | Press release | Distributed by Public on 07/22/2021 03:28

Negotiations on free trade agreement between EAEU, Iran launched

Negotiations have begun on creating a permanent free trade zone between the Eurasian Economic Union (EAEU) and Iran, the press service of the Eurasian Economic Commission told BelTA.

A meeting of delegations in charge of negotiating the signing of the free trade agreement of the Eurasian Economic Union and its member states with Iran took place in Tehran. The new agreement will replace the temporary one that has been in effect since October 2019. During the meeting the sides discussed the draft technical specifications for forthcoming negotiations and exchanged opinions about the possible content of the document.

The sides came to terms on discussing new cooperation tasks in comparison with the existing agreement. The new tasks include the expansion of the choice of commodities, support for sectoral cooperation, and higher transparency during government procurement procedures. «Since the sides practice similar approaches to negotiations, a considerable amount of work can be done within a short period of time,» said Andrei Slepnev, Member of the Board (Minister) for Trade of the Eurasian Economic Commission.

The press service of the Eurasian Economic Commission clarified that the first full-fledged round of negotiations on signing the free trade agreement is scheduled to take place in September 2021.

Source: KazInform