Iran-EEU trade deal to enter into force on January 21

PanARMENIAN.Net - A preferential trade agreement under negotiation between Iran and the Eurasian Economic Union will be signed by the presidents of the member-countries and the Islamic Republic and is expected to come into effect as of January 21, director general of Trade Promotion Organization of Iran's European and American Affairs Office has announced, according to The Financial Tribune.

“200-250 categories of products are to be included in PTA, which will be in effect for three years,” Behrouz Hassan Olfat was also quoted as saying by IRNA.

Olfat noted that negotiations on the PTA started two years ago and agreements on trade of mineral and industrial goods as well as agricultural products were reached this summer and autumn respectively.

“Iran exported close to $500 million worth of goods to the EEU member states during the seven months to October 22 and imported nearly $800 million in return,” he said.

"The main exported products were agricultural products like fruit and vegetables, nuts including pistachio and raisins, pharmaceutical products and medical equipment, petrochemicals and oil," he added.

Deputy minister of industries, mining and trade Mojtaba Khosrotaj said in July that exports to the member states of the Eurasian Economic Union will either be fully exempt from customs duty or enjoy a duty cut of up to 80%.

A draft agreement between Iran and the EEU was signed in Yerevan, Armenia, on July 5 after more than a year of negotiations for levying preferential export tariffs.