EEU Intergovernmental Council agrees on EAEU-Iran Free Trade Area

EEU Intergovernmental Council agrees on EAEU-Iran Free Trade Area

Participants of the EEU Intergovernmental Council meeting gave a start for the creation of a trade free area between the EAEU countries and Iran. The Eurasian Intergovernmental Council meeting took place on March 7, 2017 in Bishkek, Kyrgyzstan.

The presidents of the EAEU countries approved of the beginning of negotiations on creating a trade free area with Iran, Egypt, Singapore, and India in December, 2016.

As many as ten documents were signed at the meeting on March 7,2017. These documents include the order on the current state of mutual trade between the EEU members, on the spheres of economy with the highest EEU integration potential, and on the agricultural industry development.

A lot was said about export development to the markets of third countries. All the necessary conditions for trade within the Union have already been created. Nevertheless, some problems still remain. The roughness in relations between Russia and Belarus influence the participation of Belarus in the integration process within the EAEU.

Andrei Kobyakov, Prime Minister of the Republic of Belarus:
Belarus expresses its deepest concern over the remaining problems of gas issues, the nonobservance of bilateral and multilateral agreements under the terms of energy supply and the inactivity of the Eurasian Economic Commission in this context. Belarus failed to agree on the product transit of the third countries under the conditions of retaliation sanctions from the Russian side. It means straightforward budget losses. Belarus depends on export, and the freedom of commercial transit for Belarus and other EAEU member states is a sensitive issue. While losing precious time on fighting with immunity and restrictions, possibilities of carrying out a coordinated industrial policy are lost.

The sides have agreed on a regular meeting. The next EEU Intergovernmental Council meeting is to take place in Kazan,Russia.