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Belarus ratifies EAEU-Iran free trade agreement

BelTA | 5 July 2024

Belarus ratifies EAEU-Iran free trade agreement

MINSK, 5 July (BelTA) – Belarus has ratified the free trade agreement between the Eurasian Economic Union and its member states, on the one hand, and the Islamic Republic of Iran, on the other. The document was posted on the National Legal Internet Portal, BelTA has learned.

The creation of a full-scale free trade zone between the EAEU member states and Iran is expected help diversify exports by removing tariff and non-tariff barriers for a wide range of goods, as well as by offering better terms for trade and economic cooperation. After duties are scrapped, Belarusian products will be more competitive on the Iranian market.

“How can Belarus benefit from it? The Iranian market with its capacity and a population of more than 80 million is opening up for us. Tariff barriers will be removed. We will be able to freely trade with Iran, and get certain preferences. We can develop technologies on a mutually beneficial basis. We will be better placed to sell our products, including mechanical engineering goods and foodstuffs, on the Iranian market. The Eurasian Economic Union is a huge association that is looking for new markets. The gates to the West are closing for us, but we are opening the gates to the East, Asia, and Africa. Cooperation with Iran is a pattern of how we can cooperate with other countries today,” member of the Standing Commission on Housing, Trade and Construction of the House of Representatives Viktor Pleskach told BelTA.

 source: BelTA