The provisions enshrined by the temporary Agreement aimed at the formation of the free trade zone between on one hand the Eurasian Economic Union and its Member States, on the other hand the Islamic Republic of Iran entered into force in 2019 served as a basis for signing the Agreement.
The RA Minister of Economy Gevorg Papoyan said this, presenting the draft law on Ratifying the Agreement On Freed Trade between on one hand the Eurasian Economic Union and its Member States, on the other hand the Islamic Republic of Iran at October 25 sitting of the Standing Committee on Regional and Eurasian Integration.
The Agreement was signed in Saint Petersburg on December 25, 2023.
“It is necessary to record that Iran is one largest economies of the Near East and a country of special importance for Armenia and is a key element of trade in the southern direction not only for Armenia, but also for EEU countries, the Minister underscored and added the signing of the temporary Agreement allowed to abruptly increase the tradeover between the EEU and Iran. “If until then it was about 2.4 billion USD, then now it exceeded 5.2 billion USD,” the rapporteur added. The share of Armenia is 13.5 percent - 700 million dollars in the trade turnover more than the mentioned 5.2 billion USD.
The Agreement regulates a large scope of issues of economic cooperation between the parties, considerably expanding the product nomenclature providing tariff privileges established by the temporary Agreement, as well as improving the tariff concessions recorded before.
The goal of the Agreement is to create conditions for enhancing trade-economic relations between the EEU member states, promoting the development of cooperation in the spheres mutual interest.
As a result of the implementation of the Agreement, it is designed to essentially raise the competitiveness of the goods of the EEU member states in the Iranian market, increasing the export volumes and activating the cooperation and investment cooperation.
The Minister answered the deputies’ questions and gave clarifications.
The Committee endorsed the draft law.
