TEHRAN, Iran, July 11. Iran and Eurasian Economic Union are negotiating to improve the EAEU-Iran preferential trade agreement into a free trade agreement, said the top negotiator of the Iranian team in Eurasian talks Mir Hadi Seyedi, Trend reports citing Tasnim News Agency.
"Upgrading the preferential trade agreement into a free trade agreement will eliminate tariffs on 80 percent of Iran's export to the EAEU," he said.
He pointed out that reaching a free trade agreement will increase Iran's export and accelerate imports from the EAEU market.
According to the official, Iran - EAEU trade volume reached $2.4 billion in 2019 and gradually increased to $5 billion in 2021.
Iran and the Eurasian Economic Union member states reached an interim agreement in May 2018. The EAEU-Iran preferential trade agreement (PTA) was implemented in October 2019, offering lower tariffs on 862 commodity types 502 are Iranian exports to EAEU.