Iran:Iran Inks with EAEU Provisional Deal to Create Free Tra...

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Iran Inks with EAEU Provisional Deal to Create Free Trade Zone

Local Editor

The Eurasian Economic Union [EAEU] and Iran signed a temporary agreement to establish a free trade zone during economic forum in Astana.

In further details, Iran and the EAEU signed a provisional pact on Thursday to create a free trade zone, the chair of the board of the EAEU economic commission said.

"The temporary agreement stipulates an effective dispute settlement mechanism, including arbitration... It also creates a joint committee of high-ranking officials and establishes a business dialogue," Tigran Sargsyan said at the ceremony in Astana, Kazakhstan.

The arrangement will last for three years to allow for a full-fledged deal on a free trade zone.

"Our negotiators have already set a long-haul objective for the next three years to agree a full-fledged accord on a free trade zone," Sargsyan announced.

The deal is the first step in streamlining trade between the Islamic Republic and the five-nation bloc, which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.

Source: News Agencies, Edited by website team