Iran’s Parliament Approves Establishing Free Trade Zone with Eurasia

Iranian lawmakers have approved a bill to temporarily run a free trade zone between Iran and Eurasian Economic Union.

According to this bill, the interim agreement on the establishment of a Free Trade Zone between the Islamic Republic of Iran and the Eurasian Economic Union and its member states is approved and the government is allowed to exchange the related documents.

One of the conditions is that Iran’s Ministry of Industry, Mine and Trade is required to submit an annual report on this agreement with the aim of developing export markets and preventing the loss of domestic producers.

Russia’s Duma ratified an agreement on setting up a free trade zone between Islamic Republic of Iran and Eurasian Economic Union (EAEU) in November last year.

Iran and Eurasian Economic Union (EAEU) signed a temporary agreement for setting up free trade zone in Kazakh’s capital Astana on May 17, 2018.

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