The volume of trade between Iran and the Eurasian Economic Union (EAEU) has increased by 2.5 times since four years ago when the two sides engaged in a preferential trade agreement (PTA).
Mohammad-Ali Dehghan Dehnavi, the Head of Iran’s Trade Promotion Organization (TPO) said on Sunday that a free trade agreement (FTA) has also been signed between Iran and the five-member bloc.
He noted that the FTA has so far been ratified in the Iranian parliament and the parliaments of three EAEU member countries.
The official added that this agreement is Iran’s first free trade experience in which 87% of the tariffs will be removed and the businesspeople have to prepare themselves for a new type of competition.
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.
A long-awaited free trade agreement was signed between Iran and the EAEU on December 25, 2023.