Iran MPs Endorse General Provisions of Free Trade Bill with EAEU

Members of the Majlis (Iranian Parliament) have agreed on the general provisions of the bill for a free trade agreement between Iran and the Eurasian Economic Union (EAEU) and its member states.

On Sunday, the parliament reviewed its Economic Commission's report on the bill for the free trade agreement, and the lawmakers ratified the overall provisions.

According to the bill, the free trade agreement between Iran and the EAEU and its member states includes a preamble, 147 articles, and 6 annexes, as well as authorization for the exchange of documents.

Iran and EAEU reached a preferential trade agreement in 2018, which came into effect on October 27, 2019. The union previously signed an interim agreement on free trade with Iran on March 14, 2022.

The volume of trade between Iran and the EAEU increased by 11% in the first nine months of 2024 compared to the same period last year.

The EAEU is an intergovernmental economic association comprising Belarus, Kazakhstan, Russia, Kyrgyzstan, and Armenia. - IRNA