Intensive talks underway between Iran, EAEU on signing FTA

The fifth round of negotiations between Iran and Eurasian Economic Union with a focus on “Converting Preferential Trade Agreement (PTA) into a Free Trade Agreement (FTA)" was held on Monday in presence of a Eurasian Economic delegation consisting of representatives from EAEU member states and Eurasian Economic Commission and also an Iranian delegation headed by the Trade Promotion Organization of Iran (TPOI) comprised of representatives of ministries and various organizations.

This in-person talks started from about one and a half years ago and will continue within the next few months.

Converting the current Preferential Trade Agreement (PTA) into Free Trade Agreement (FTA) has been cited as the main aim behind holding the talks. In Free Trade Agreement, 80% of goods are exchanged with zero tariff.

The talks will continue until June 06 and the two sides hope to finalize the text of agreement and list of its products for the final signing and sealing by concerned authorities.

The Preferential Trade Agreement (PTA) came into effect on Oct. 27 which has had the positive impact in boosting Iran’s exports to the Union. With the complete removal of tariffs of 80% of goods between the two sides, it is expected that trade between Iran and Eurasian Economic Union’s member states will further expand.

The Eurasian Economic Union consists of five countries including Russia, Belarus, Armenia, Kazakhstan and Kyrgyzstan which was founded in 2015.