Iran’s Parliament approves general provisions of free trade bill with EAEU

(MENAFN) Iran’s Parliament, known as the Majlis, has approved the general provisions of a bill that outlines a free trade agreement between Iran and the Eurasian Economic Union (EAEU) and its member states. The decision was made on Sunday following a review of the Economic Commission's report on the proposed agreement. Lawmakers voted in favor of ratifying the overall framework of the bill, marking a significant step toward deepening economic ties with the EAEU.

The bill details the structure of the free trade agreement, which includes a preamble, 147 articles, and six annexes. It also authorizes the exchange of necessary documents to facilitate the implementation of the agreement. The free trade pact aims to enhance economic cooperation and reduce trade barriers between Iran and the EAEU member countries, fostering greater integration into regional markets.

Iran and the EAEU first established a preferential trade agreement in 2018, which officially came into effect on October 27, 2019. This was followed by the signing of an interim free trade agreement on March 14, 2022. The ongoing negotiations and agreements highlight a continued effort by both parties to expand trade and economic collaboration.

Trade relations between Iran and the EAEU have shown significant growth, with the volume of trade increasing by 11 percent in the first nine months of 2024 compared to the same period the previous year. The EAEU, an economic bloc consisting of Belarus, Kazakhstan, Russia, Kyrgyzstan, and Armenia, plays a pivotal role in fostering regional economic integration. This new agreement is expected to strengthen Iran's position within the union and expand trade opportunities for all member states.

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