EAEU and Iran will sign a temporary agreement on the free trade zone

The Eurasian Economic Union (EAEU) and Iranian officials will sign a temporary agreement on the free trade zone on May 17th in Astana. The agreement, which is part of the Astana Economic Forum, will be signed by Deputy Prime Ministers of the EAEU member countries and the Vice President of Iran. Kazakh Minister of National Economy, Timur Suleimenov said the document will provide substantial benefits for Kazakh businesses. The current members of the EAEU are Kazakhstan, Armenia, Belarus, Kyrgyzstan and Russia.

TIMUR SULEIMENOV, KAZAKH MINISTER OF NATIONAL ECONOMY:

- Iran provides tariff concessions for 241 good items. It means that we will get substantial reduction of tariffs. The total value of our potential export is eight billion U.S. Dollars. It does not mean that we will supply goods valued at eight billion U.S. Dollars. It will depend on our readiness to supply the goods; on the development of logistics; on our competitiveness in Iran’s market. What’s evident is that we will be able to supply goods at lower rates.