Senator Dauren Adilbekov chaired an expanded session of the Senate Committee on Economic Policy, Innovative Development and Entrepreneurship. Senators considered a bill "On Ratification of the Protocol to the Interim Agreement leading to a Free Trade Zone between the Eurasian Economic Union and its Member States, on the one hand, and the Islamic Republic of Iran, on the other hand, dated May 17, 2018".
The main purpose of the bill is to extend the validity of the agreement until October 27, 2025 and to prevent a break in the preferential trade regime between the parties.
The agreement aims to liberalize and simplify trade in goods between EEU countries and Iran. Thus, the bill is focused on supporting economic and trade cooperation between the Parties.
It should also be noted that the extension of the Interim Agreement will allow to maintain a duty-free trade regime and favorable conditions for the entry of domestic goods on the Iranian market.
The bill has been submitted to the House for consideration.
(Senate Press Service, 74-72-27)