The State Duma (lower house of parliament) ratified the temporary agreement on formation of a free trade zone between the Eurasian Economic Union (EAEU) and the Islamic Republic of Iran on Thursday.

The agreement signed in Astana on May 17, 2018 sets the main rules of trade between the EAEU and Iran most closely to those of the World Trade Organization (WTO), which Iran does not belong to. It also specifies the issues of most favorable environment and national environment, the use of protective measures and customs administration.

Chairman of the Board of the Eurasian Economic Commission (EEC) Tigran Sargsyan told TASS earlier that the provisional agreement on free trade zone with Iran was expected to come into force starting 2019, after the ratification procedure is completed in all countries that signed the agreement.

(Source: TASS)