Senate ratifies free trade agreement with Iran

Kazakh senators have ratified the Free Trade Agreement between the Eurasian Economic Union and Islamic Republic of Iran, Kazinform News Agency reports.

The Agreement was concluded on December 25, 2023 in Saint Petersburg.

The goal of the Agreement is to expand trade-economic cooperation between the parties to the Agreement, to ensure duty-free trade regime for a wide range of goods.

According to the Agreement, the EAEU and Iran commit to abolish duties for a wide range of goods. In accordance with the Agreement, goods imported from the territory of one party to the territory of the other party are provided with the same benefits and privileges granted to similar goods of national origin.

Senator Lyazzar Rysbekova said that in 2023, bilateral trade between Kazakhstan and Iran reached $303 million.

Kazakhstan's exports to Iran include, mainly, barley to the amount of $43.7 million, wheat to the amount of $18.1 million, waste obtained during the extraction of other vegetable oils worth $8.8 million, rapeseed worth $5.9 million and other goods amounting ton $83 million.

Meanwhile, Kazakhstan imports  ethylene polymers ($36 million), unglazed ceramic tiles ($14.3 million), dates, figs, pineapples, avocado ($11.8 million) from Iran. The total amount of imports is estimated at $220 million.

The Agreement also enshrines freedom of transit through the territory of each party along the routes deemed to be most suitable for international transit.

In 9 months of 2024, the volume of trade between Iran and the Eurasian Economic Union (EAEU) increased by 11% compared to the same period last year