ZCZC
BCN-32
RUSSIA-EAEU-IRAN-FREE-TRADE-ZONE
Putin ratifies interim agreement on EAEU-Iran free trade zone
MOSCOW, Nov 29, 2018 (BSS/TASS) – Russian President Vladimir Putin has
signed a law ratifying a temporary agreement on formation of a free trade
zone between the Eurasian Economic Union (EAEU) and the Islamic Republic of
Iran on Wednesday.
The relevant law, published on the official Internet portal of legal
information, was ratified by the State Duma and the Federation Council (two
houses of the Russian parliament) on November 15 and 23, respectively.
“To ratify the interim agreement on formation of a free trade zone between
the Eurasian Economic Union and its member states, for one part, and the
Islamic Republic of Iran, on the other part, signed in Astana on May 17,
2018,” the document says.
The agreement signed in Astana on May 17, 2018 sets the main rules of trade
between the EAEU and Iran most closely to those of the World Trade
Organization (WTO), which Iran does not belong to.
The agreement creates conditions for boosting the development of trade and
economic cooperation between countries through the liberalization of the
rules of their mutual trade. The document defines the obligations of the
parties, providing for the reduction or elimination of tariffs and non-tariff
barriers in relation to certain goods. The agreement also establishes
preferential rates of customs duties that apply to such goods.
It is agreed that the party importer recognizes sanitary and phytosanitary
measures of the exporting country as equivalent, even if these measures
differ from its own or from measures used by third countries. The agreement
establishes the rules for determining the origin of goods, which are applied
in order to provide preferential tariff regime.
The agreement enters into force 60 days from the date of receipt of the
last written notice of completion by the member states of the EAEU and Iran
of the internal procedures necessary for its entry into force.
BSS/TASS/HR/1452