Iran Ratifies Agreement on Establishing Free Trade Zone with EAEU

The Iranian Parliament has ratified the agreement on the establishment of a free trade zone between Iran and the Eurasian Economic Union (EAEU). This was announced by Iran's Minister of Industry, Mines and Trade Mohammad Atabak, as reported by the Mehr news agency.

“The free trade agreement with Eurasia allows us to export 87% of our products to EAEU member countries at zero tariffs, as well as to import products from those countries at zero tariffs. The total population of EAEU member countries is 240 million, making it a huge market that can be utilized,” he stated.

According to the minister, the free trade agreement between Iran and Eurasia will be approved by the Parliament and is expected to come into force in April or early May.