Tehran, IRNA – Armenia’s Prime minister Nikol Pashinyan has underscored that Yerevan is keen on finalization of an all-out free trade agreement between the Eurasian Economic Union (EAEU) and the Islamic Republic of Iran.
According to news.am, Pashinyan made the remarks in a meeting of the Supreme Eurasian Economic Council, noting that the bloc attaches importance to utilizing mechanisms in order to minimize challenges and menaces of unprecedented economic crises, which happened in recent months.
“t is advisable to think about the development of pilot projects and joint events aimed at expanding and deepening trade and economic relations and building up cooperation,” the Armenian premier stated.
“I consider it important to draw attention to Armenia’s interest in concluding a full-fledged free trade agreement between Iran and the EAEU. The experience of the functioning of the interim agreement with Tehran clearly shows the attractiveness of the Iranian market and the prospects for further deepening cooperation… We also want to start negotiations on concluding an agreement between the Union and Indonesia.”
Eight years after signing a contract to establish the Eurasian Economic Union, the treaty seems to be a promising and attractive association, he added.
As an economic union of post-Soviet countries in Eurasia region, the Treaty on the Eurasian Economic Union was inked on May 29, 2014 by the leaders from Belarus, Kazakhstan, and Russia. The treaty came into force on January 1, 2015.
Armenia and Kyrgyzstan joined the Eurasian Economic Union on October 9 and December 23, 2014 respectively.
The EAEU has an integrated single market of 184 million people and a gross domestic product of over 5 trillion dollars.
The union encourages free movement of commodities and services. It also promotes common policies in the macroeconomic arena, transport, industry and agriculture, energy, foreign trade and investment, customs, technical regulation, competition, and antitrust regulation.
Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia are full members and Cuba, Moldova and Uzbekistan are observers in the Eurasian Economic Union.
Iran and EAEU reached a free trade agreement in October 2018 based on which about 862 commodity items were subjected to preferential tariffs.
Iran and the EAEU have listed 862 types of commodities in their three-year provisional trade agreement. As per the deal, Iran will enjoy easier export terms and lower customs duties on 502 items and the same goes for 360 items from the EAEU member countries.
Source: Islamic Republic News Agency – IRNA
