Russian PM Says Iran-EAEU's FTA Should Be Put into Effect Soon

Russia’s prime minister emphasized the need for completing all procedures for a free trade agreement (FTA) concluded between the Eurasian Economic Union (EAEU) and Iran to come into force as soon as possible.

“A free trade agreement with Iran was signed at the end of last year (December 25, 2023). Its execution will create numerous prospects for our companies to supply the market in this country. All procedures must be completed as soon as possible in order for the document to take effect,” Mikhail Mishustin said, reported Tasnim News Agency.

He also stated that talks for a temporary free trade deal with Mongolia and an improvement to the existing accord with Vietnam are underway. “We’ve made considerable progress in our conversation with Egypt. Negotiations are continuing with the United Arab Emirates and Indonesia. All of this is especially important in the context of reorienting Eurasian trade flows toward the most promising markets and friendly states,” the Russian prime minister stated.

He put the significant emphasis to improving the alliance’s relations with China. “We need to make every effort to successfully implement the measures provided for in the roadmap for the development of economic cooperation with our Chinese friends,” he said.

Furthermore, he noted that relations with regional organizations, particularly the Shanghai Cooperation Organization (SCO) and the Association of Southeast Asian Nations (ASEAN), are also strengthening, TASS reported.

On December 25, 2023, the EAEU countries signed a full-scale free trade agreement with Iran. “The agreement officially comes into force from the moment it is ratified by the member states. I think that their parliaments will not delay this process and will carry it out quickly enough,” Chairman of the Board of the Eurasian Economic Commission (EEC) Mikhail Myasnikovich told reporters after the signing ceremony.

According to him, now the parties should carry out practical work on the formation of mechanisms for the implementation of both trade and investment provisions of the agreement. The temporary agreement on creation of a free trade zone between the EAEU and Iran was concluded on May 17, 2018 and came into force on October 27, 2019, the report added. - Iran Daily