TEHRAN – Armenian Prime minister Nikol Pashinyan has said Yerevan welcomes the finalization of a free trade agreement between Iran and the Eurasian Economic Union (EAEU), IRNA reported.

Pashinyan made the remarks at the first meeting of the Supreme Eurasian Economic Council which was held in Bishkek on Friday.

"I consider it important to draw attention to Armenia's interest in concluding a full-fledged free trade agreement between Iran and the EAEU. The experience of the functioning of the interim agreement with Tehran clearly shows the attractiveness of the Iranian market and the prospects for further deepening cooperation… We also want to start negotiations on concluding an agreement between the Union and Indonesia," Pashinyan said.

The official noted that the union attaches importance to utilizing international treaties in order to minimize the challenges and menaces of unprecedented economic crises, which happened in recent months.

After several years of negotiations, Iran and EAEU finally reached a preferential trade agreement in 2018 based on which about 862 commodity items are subject to preferential tariffs. The PTA came into effect on October 27, 2019.

Iran and the EAEU have listed 862 types of commodities in their three-year provisional trade agreement. As per the deal, Iran will enjoy easier export terms and lower customs duties on 502 items, and the same go for 360 items from the EAEU member countries.

Since the preferential trade agreement is to expire in October this year, the two sides are negotiating to upgrade the preferential trade agreement to a free trade agreement by the end of 2022.

EF/MG