Lawmakers in Iran’s Parliament have approved the general outline of a bill endorsing a free trade agreement between the Islamic Republic of Iran and the Eurasian Economic Union (EAEU).
The agreement is aimed at fostering economic cooperation and reducing trade barriers between Iran and the EAEU, which comprises Armenia, Belarus, Russia, Kazakhstan, and Kyrgyzstan.
A long-awaited FTA was signed between Iran and the EAEU on December 25, 2023.
The agreement has to be ratified by the parliaments of all the six parties to the agreement before it can take effect.
It was ratified by Armenian parliament in mid-November and by the Russian State Duma earlier in June.
The Senate of Kazakhstan also approved the agreement few days ago.
Under the terms of the agreement, Iran and the five-member bloc 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.