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Iran parliament ratifies free-trade agreement with EAEU

Iran parliament ratifies free-trade agreement with EAEU

PanARMENIAN.Net - Iranian lawmakers on Monday, June 10 ratified a joint free-trade agreement between Iran and the Russia-led Eurasian Economic Union (EAEU) member states, Mehr News Agency reports.

The bill was ratified during a Parliament open session on Monday, which allows the government to start exchanging documents with the EAEU’s member states on establishing a joint free-trade zone with the bloc.

According to a lawmaker, Ali-Akbar Karimi, accession to the EAEU would serve as a prelude to joining the World Trade Organization (WTO).

The EAEU in its current form was established in 2015. According to Sputnik, the organization provides for the free movement of goods, services, capital and labor, determined by the union’s treaty and international agreements. The member states include Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. According to union data the GDP of the entire bloc is currently about $1.9 trillion.

Back in February, Iranian Ambassador to Russia Mehdi Sanaei had highlighted the importance of the agreement for Iran, saying "it opens the gates to a big market for our country, and also opens the Iranian market to Russia and northern countries.”

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