Iran announced the finalisation of negotiations between the Islamic republic and the Eurasian Economic Union (EAEU) on bilateral free trade of over more than 7,500 commodity items, Tasnim news agency reported.
Mirhadi Seyyedi, the Head of Iran’s negotiating group with the EAEU, said on Friday that during 30 rounds of talks with the EAEU over the past two years, the dimensions of the free trade agreement were discussed and the agreement was reached, which has the largest coverage in terms of goods coverage.
The agreement will go through the approval procedure of the parliaments of the countries involved before being implemented, he added.
Seyyedi noted that bilateral trade between Iran and the EAEU is currently in the field of agricultural items. Iran’s imports from the EAEU mostly focused on cereals and oilseeds, while Iran exports apples, citrus fruits and products of greenhouses to the EAEU member states with zero tariffs, Xinhua news agency reported.
By expanding the agreement, more than 7,500 items of goods will be traded, he said, without further elaboration.
Iran and the EAEU, consisting of Russia, Kazakhstan, Kyrgyzstan, Belarus and Armenia, initially reached a free trade agreement in October 2018, based on which nearly 862 commodity items were subject to preferential tariffs.
The agreement increased Iran’s exports to the EAEU member states, helping the country boost non-oil exports amid the US sanctions.