Iran-EEU trade deal comes into effect on January 21

A preferential trade agreement between Iran and the Eurasian Economic Union is expected to come into effect as of January 21. Between 200 and 250 categories of products are to be included in this PTA, which will span three years.

The Financial Tribune noted that negotiations on the PTA started two years ago. This summer and in autumn, agreements on the trade of mineral and industrial goods as well as agricultural products were reached. Iran exported close to 500 million dollars worth of goods to the EEU member states from March to October and imported nearly 800 million dollars in return.

The main exported products were agricultural products like fruit and vegetables, pistachio nuts and raisins, pharmaceutical products and medical equipment, petrochemicals and oil.

In July the Iranian Deputy Minister of Industries, Mining and Trade said exports to the member states of the Eurasian Economic Union will either be fully exempt from customs duties or enjoy a duty cut of up to 80%.

The EEU, comprised of Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan, is an international organization that encourages regional economic integration through the free movement of goods, services and people within the union. The union has an integrated single market of 183 million people and a gross domestic product of over 4 trillion dollars.