EAEU-Iran Free Trade Zone Agreement May Be Signed in First Half of 2023

The agreement on the Free Trade Zone (FTZ) between the EAEU and Iran may be signed in the first half of 2023, while preparatory work is also underway for the signing of the FTZ agreement with Egypt. This was announced by the Chairman of the Board of the Eurasian Economic Commission, Mikhail Myasnikovich, in an interview with TASS.

"We are greatly prepared to move to a full-fledged contract. Currently, our temporary agreement is in effect, which also brings positive results. It would be desirable for the agreement to be signed in the first half of 2023 so that we can swiftly start the ratification procedures," said Myasnikovich.

He added that similar work is being done with Egypt. "Based on the results of five rounds of negotiations, we are at a decisive stage," he noted.

According to Myasnikovich, the union has high hopes for the signing of a free trade zone agreement with India, although the negotiations are currently still in the preliminary phase. "We have great hopes for the signing of the FTZ agreement with India. So far, there is not much to brag about here. Relevant communications and projects are underway, one could say we are in the drafting phase, because parties need to see mutual benefits first," concluded the head of the EAEU Board.