Russia Signs EAEU-Iran FTZ Agreement

Russian Prime Minister Dmitry Medvedev signed an interim agreement with a validity of four years for the formation of a free trade zone to deal with a limited range of goods between the Eurasian Economic Union and Iran, the Russian government’s website announced in a statement. “The agreement provides for the formation of a free trade area on a limited range of goods between the EAEU and Iran. The EAEU will grant Iran tariff concessions on 502 harmonized commodity codes,” the statement was quoted as saying by Russian news agency TASS on Tuesday. According to the statement, the draft agreement was prepared to implement the decision of the meeting of the Supreme Eurasian Economic Council of December 26, 2016, on starting talks with Iran on concluding an interim agreement leading to the formation of a free trade area, and endorsed at the session of the Council of the Eurasian Economic Commission on March 7, 2017. “In accordance with the federal law on the International Treaties of the Russian Federation, the agreement is subject to ratification after signing because it contains rules that differ from those envisaged by Russian legislation,” the statement said.