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EAEU to wrap up talks on free trade zone with Iran, Egypt once tariff concessions agreed

In early October, it was reported that work on the regulatory part of a full-fledged agreement on a free trade zone between the EAEU and Iran was almost completed

MOSCOW, December 9. /TASS/. The Eurasian Economic Union (EAEU) will start finalizing negotiations on a free trade zone with Egypt and Iran and will sign relevant agreements after resolving the issues related to abolishing or reducing customs duties on a number of agricultural and industrial goods, a spokesperson with the Economic Development Ministry told TASS.

"As part of the EAEU, we now have a rather rich negotiating agenda with third countries. Negotiations with Iran and Egypt are at an active stage, where we have to find solutions on a limited list of issues, primarily with regard to the abolition or reduction of customs duties on a number of agricultural and industrial goods," the spokesperson said.

In early October, it was reported that work on the regulatory part of a full-fledged agreement on a free trade zone between the EAEU and Iran was almost completed.

In December 2021, the Supreme Eurasian Economic Council approved a draft protocol to an interim agreement required for the formation of a free trade zone between the EAEU and Iran. The protocol provides for the extension of the agreement for three years or until a relevant full-fledged agreement comes into effect.

The Eurasian Economic Union, which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, has already concluded free trade zone agreements with Vietnam and Singapore, as well as an interim agreement with Iran. Negotiations are underway with Egypt and Israel.