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Astana, Kazakhstan • 26 December, 2023 | 11:25
1 min read

EAEU Countries, Iran Sign Free Trade Agreement

The document will facilitate trade and tourism development between the countries

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Freepik/jcomp

On December 25, 2023, during the Supreme Eurasian Economic Council in St. Petersburg, a free trade agreement was signed between the Eurasian Economic Union and its member states, and the Islamic Republic of Iran, primeminister.kz reports.

The agreement provides a duty-free trade regime for over 90% of the covered commodity nomenclature.

Implementing a duty-free trade regime will create favorable conditions for Kazakhstan’s agricultural and industrial goods to enter the Iranian market. Special attention is given to ensuring guaranteed duty-free supplies of Kazakh grain to Iran within tariff quotas.

primeminister.kz
primeminister.kz

In addition to establishing a preferential trade regime, the agreement regulates various trade aspects, including the application of protective measures, cooperation in the field of technical barriers, sanitary and phytosanitary measures, customs cooperation, rules for determining the origin of goods, and dispute resolution.

Furthermore, the agreement includes provisions for transparent public procurement and the development of sectoral cooperation, with special emphasis on the transport and logistics sector.

The agreement will significantly contribute to the development of the North-South transport corridor, creating prerequisites for major joint projects in various sectors of the economy, increasing mutual foreign direct investment, and strengthening economic cooperation between the parties.

According to the results of 2022, the trade turnover between Kazakhstan and Iran amounted to $521.4 million, which is 18.3% higher than in 2021. The share of exports from Kazakhstan to Iran was $309.7 million, an increase of 12.5% y/y. Imports from Iran to Kazakhstan amounted to $211.7 million.

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