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
Taiwan and Israel have signed two agreements aimed at deepening cooperation on intellectual property protection and expediting patent examinations, as both economies seek to strengthen technological collaboration amid shifting global supply-chain dynamics.
Low-cost carrier Flydubai announced on Tuesday a landmark order for 150 Airbus A321neo aircraft, surpassing the size of its current fleet and marking the airline’s first-ever purchase from the European manufacturer.
The Abu Dhabi Investment Authority (ADIA) is set to sell 160.5 million shares in Qatari telecom giant Ooredoo, roughly half of its current holding, in a landmark secondary share offering valued between QAR 1.99 billion and QAR 2.09 billion ($546–$572 million).
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.