Federation Council approved the law on ratification of the protocol on a free trade zone between the EEU and Iran

08 July

 

The Federation Council approved at a plenary session on Friday a law ratifying the protocol to the interim agreement leading to the formation of a free trade zone between the Eurasian Economic Union (EEU) and Iran dated May 17, 2018.


The protocol was signed in Tehran on March 14, 2022. The interim agreement, signed in May 2018 and entered into force in October 2019, provides preferential import treatment for a limited list of goods. The document, which is prolonged by a protocol, forms the main rules of trade between the EEU and the Union's member states and Iran, as close as possible to the rules of the World Trade Organization (WTO). In particular it concerns the application of protective measures and customs administration.


"With regard to the limited nomenclature of goods given in the agreement, commitments are made to refuse to apply quantitative prohibitions and restrictions on the import of goods subject to liberalization, and provisions fixing the basic WTO standards in terms of veterinary, sanitary and phytosanitary measures and technical regulation for such goods," the explanatory note to the law says.

 

 

GSV "Russia - Islamic world"

Photo: Creative Commons

Based on materials from TASS