Armenian Parliament Approves Free Trade Deal between Iran & EAEU

The Armenian parliament has approved the free trade agreement between Iran and the Eurasian Economic Union (EAEU).

The agreement was ratified on Friday after 95 Armenian lawmakers voted in favor of the agreement.

The agreement is based on a preferential trade agreement signed between Iran and the EAEU in 2019, according to Armenian Economy Minister Gevorg Papoyan.

He said that the 2019 deal had boosted annual trade between the union’s member states and Iran from US$2.4 billion to US$5.2 billion.

The free trade deal between Iran and the Russia-led EAEU will come into effect once the parliaments of all member states, which also include Kazakhstan, Kyrgyzstan, and Belarus, approve the agreement. - IRNA