Members of the Russian-led Eurasian Economic Union (EEU) have signed a fully-fledged free trade agreement with Iran, Russia's economy ministry and the EEU said on Monday.
Russian Economic Development Minister Maxim Reshetnikov, Sputnik/Mikhail Klimentyev/Kremlin via Reuters
Members of the Russian-led Eurasian Economic Union (EEU) have signed a fully-fledged free trade agreement with Iran, Russia's economy ministry and the EEU said on Monday.
The agreement will become permanent and replace a similar temporary pact in force since 2019. The previous deal facilitated mutual trade with Iran and increased it to $6.2 billion in 2022 from $2.4 billion in 2019.
The Eurasian Economic Union comprises Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
Both the region and Iran have taken on additional significance for the Kremlin after Western sanctions over Moscow's conflict in Ukraine limited Russia's foreign trade routes and forced it to look for markets outside Europe.
The new deal will eliminate customs duties on almost 90% of goods, while the agreement establishes a preferential regime for almost all trade between Russia and Iran.
Russian Economy Minister Maxim Reshetnikov said the deal would allow Russian business to save around 27 billion roubles ($294 million) each year.
($1 = 91.9825 roubles)
Reporting by Reuters, writing by Vladimir Soldatkin; editing by Guy Faulconbridge and Barbara Lewis
Iran, a longtime backer of the Palestinian group Hamas, confirmed on Sunday evening that it has received an official invitation to attend the high-level Gaza peace summit scheduled for Monday in Sharm el-Sheikh, Egypt. However, the Islamic Republic has yet to announce whether it will participate.
Investors on the Tel Aviv Stock Exchange (TASE) sent a strong signal of relief and optimism Sunday following the announcement of a ceasefire agreement between Israel and Hamas, coupled with the anticipated return of Israeli hostages from Gaza.
French-German national Lennart Monterlos has been released from detention in Iran and is back in France, outgoing French Foreign Minister Jean-Noel Barrot said on Wednesday.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.