EAEU-Iran free trade agreement to come into force on May 15

The agreement on the free trade zone between Iran and member countries of the Eurasian Economic Union (EAEU) will come into force on May 15.

The Eurasian Economic Commission has received a formal notice from Iran on the completion of the internal procedures required for the document to enter into force.

The full-fledged agreement will exempt almost 90% of goods from customs tariffs, which may help bring the turnover between the EAEU countries and Iran to $12 billion.

The EAEU consists of Armenia, Russia, Belarus, Kazakhstan and Kyrgyzstan. The observer states are Moldova, Uzbekistan, Cuba and Iran, and the EAEU free trade zone agreement has been signed with Vietnam, Singapore, Serbia and Iran.