ASTANA, May 22 (Xinhua) -- The Eurasian Economic Union (EAEU) and Iran signed a provisional agreement on free trade during the Astana Economic Forum.
The agreement includes a preliminary list of duty-reduced and duty-free goods, which involve 50 percent of mutual trade value, said Tigran Sargsyan, Chairman of the Board of the Eurasian Economic Commission (EEC).
Iran intends to reduce duty on such goods as meat and oil products, some confectionery, cosmetics, electronic and mechanical equipment. And the EAEU intends to reduce duty on vegetables, fruits, nuts and building materials.
In terms of industrial products, Iran plans to reduce the duty by seven percent on average, and EAEU to reduce it by 3.5 percent on average.
As for agricultural products, Iran will reduce the duty by 19 percent on averageand EAEU will reduce it by five percent on average.
The agreement is expected to be updated in three years.
(Edited by Liu Yu and Tong Wei, tongwei@xinhua.org)
A single purchase
