A free trade agreement between Iran and the Eurasian Economic Union (EAEU) has been ratified by the Russian State Duma, according to a report by Iran’s Tasnim news agency.
A long-awaited FTA was signed between Iran and the five-member bloc in St. Petersburg, Russia, on December 25, 2023.
The agreement has to be ratified by the parliaments of all the six parties to the deal before it can take effect.
Under the terms of the agreement, Iran and the EAEU will lift tariffs on 87% of the items being exchanged between them.
The rest 13% includes items that each of the six parties consider as sensitive items whose free imports may damage their domestic industry or agriculture.