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Iran to sign preferential trade agreement with EEU

by ChemOrbis Editorial Team -
  • 18/12/2017 (15:05)
According to media reports, Iran and the Eurasian Economic Union (EEU) have finalized negotiations on a preferential trade agreement, which is to come into effect as of January 21, 2018.

The agreement was initialized two years ago and the parties agreed upon the terms regarding the trade of mineral and industrial goods as well as agricultural products this year.

Accordingly, around 250 categories of products will reportedly be included in the agreement. The agreement is expected to be in effect for three years.

Iran exported nearly $500 million worth of goods to the EEU member states, which includes Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan during the first seven months. The country imported around $800 million from the EEU states in exchange.

Iran will be subject to 80% customs duty exemption on the export of various categories of goods. The country’s downstream petrochemical products will also be exempt from customs duty or enjoy a range of duty reductions, the media reported.
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