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EAEU, Iran discuss free trade zone creation

EAEU, Iran discuss free trade zone creation
17 June 2017 10:38 642

ASTANA. KAZINFORM The Eurasian Economic Union (EAEU) delegation and the Islamic Republic of Iran have finalized the text of the interim agreement conductive to establishment of a free trade zone during a regular round of talks held in Tehran (Iran), the EEC press service reports.

According to the interim agreement, the sides will comply with the WTO's fundamental principles, i.e. ensuring the most-favored-nation treatment and the national treatment of all goods within the framework of trade between the EAEU and Iran. The approved draft agreement stipulates that all charges related to the goods import shall not exceed the cost of customs clearance services. These fees cannot be an indirect protection for domestic goods or a means of imposing import or export additional taxes. It is one of the major WTO law requirements as it ensures the predictability of the trade regime between the countries.

In the near future, the EAEU and Iran will continue negotiations on liberalizing mutual access of goods to the market. As to the tariff obligations, they are yet to be agreed upon.

It is assumed that the interim agreement will reduce the import duties for the minimum number of goods, not over 200 items for both sides. If the EAEU countries and Iran consider preferential trade as effective, then the transition to a fully fledged free trade zone will be possible. The interim agreement will be concluded for three years.

According to Veronika Nikishina, Member of the Eurasian Economic Commission Board (Minister) for Trade, the fact that Iran accepted the obligation to comply with the trade regime at the level of this Organization requirements is unprecedented. "It is especially valuable that in case the negotiation process is successfull and the interim agreement comes into effect, Iran will enforce its obligations under this regime for all bilateral trade, and not only for goods with agreed preferential tariffs," noted Veronika Nikishina.

 

Keywords: Eurasian Economic Union, Economy,
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