The EAEU and Iran have signed a temporary agreement to establish a free trade zone during an economic forum in Astana.
Iran and the Eurasian Economic Union (EAEU) signed a provisional pact on Thursday to create a free trade zone, the chair of the board of the EAEU’s 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 a 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 [to] a full-fledged accord on a free trade zone,” Sargsyan announced.
It is the first step in streamlining trade between the Islamic republic and the five-nation bloc, which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.