Saturday, July 13

Russia has ratified the free trade agreement between the EEU and Iran

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After the agreement is adopted, the average amount of duties on Russian products will decrease by about 4 times (up to 4.5%), and for most categories it will be zero

Russian President Vladimir Putin has signed a law on ratification of the free trade agreement between the countries of the Eurasian Economic Union and Iran.
This is reported on the official portal of legal information.
It is noted that the document is intended to replace the interim agreement in force since 2018 and was signed at the end of 2023.

The Ministry of Economic Development of the Russian Federation drew attention to the fact that today preferences cover about 60% of Russian exports of goods that are supplied to Iran at reduced duties.

Thus, thanks to the interim agreement, the trade turnover with Iran has doubled in 4 years: from 2.1 billion dollars in 2019 to 4.1 billion in 2023.
It is expected that after the adoption of the agreement, the average amount of duties on Russian products will decrease by about 4 times (up to 4.5%), and for most categories it will be zero.

“All this will allow our business to save up to $ 300 million per year,” said Vladimir Ilyichev, Deputy Head of the Ministry of Economic Development of the Russian Federation.

However, liberalization will not affect only particularly sensitive goods. This is about 12-13% of the categories, less than 5% of the trade volume for both Iran and the EEU.

In addition, experts predict that the agreements reached will become an incentive for the development of the North-South transport corridor and the formation of new value chains.

Earlier, Vladimir Ilyichev, Deputy head of the Ministry of Economic Development of Russia, noted that the new agreements affect almost all Russian exports and will significantly improve trade conditions.

source:  https://tj.sputniknews.ru/20240612/russia-soglashenie-torgovla-eaue-iran-1063192550.html

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