EAEU, Iran Sign Provisional Deal to Create Free Trade Zone
Sputnik / Business06:20 17.05.2018Get short URL
EAEU and Iran have signed a temporary agreement to establish a free trade zone during 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 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 the ceremony in Astana, Kazakhstan.
The arrangement will last for three years to allow for a full-fledged deal on a free trade zone. 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.