TEHRAN, May 19 (Press Shia Agency) – Iran’s minister of industry has signed a Preferential Trade Agreement (PTA) with the Eurasian Economic Union (EAEU) in Kazakhstan.

With regard to the PTA agreement between Iran and the EAEU, according to a report by Iran’s Industry Ministry, Tigran Sargsyan, the Chairman of the Eurasian Commission said that the agreement is temporary, expressing hope that the final agreement will be reached within three years.

According to Sargsyan, after the agreement comes into force, custom duties for industrial and agricultural products imported by Iran from the EAEU will be reduced by 7% and 19% respectively, while for industrial and agricultural products imported by the EAEU member states from Iran, those figures will be 3.5% and 5% respectively.

The agreement was signed by Minister of Industry, Mine and Trade Mohammad Shariatmadari and the Chairman of the Eurasian Commission Tigran Sargsyan in Kazakhstan in the presence of senior officials from the EAEU member states.

According to the official website of the EAEU, the Eurasian Economic Union is an international organization for regional economic integration between the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic and the Russian Federation.

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