Bishkek, Nov. 15, 2018. /Kabar/. The signing of a temporary agreement on the formation of a free trade zone between the Eurasian Economic Union and Iran will allow domestic entrepreneurs to save up to $ 1 million, Kyrgyz Economy Minister Oleg Pankratov told at a plenary session of the Jogorku Kenesh (Kyrgyz Parliament).
The press service of the Ministry of Economy of the Kyrgyz Republic reported that Pankratov stressed that the adoption of the document will also contribute to the growth of exports of meat - by 80% and beans - by 40%.
The Minister said that the interim agreement is aimed at creating favorable conditions for the development of trade and economic relations between the EAEU member states and Iran, as well as at developing economic cooperation between the parties in areas of mutual interest.
The document provides for the establishment between the parties of the most favored nation tariff and the mutual provision of national treatment for all goods. At the same time, it is established that all fees related to the import and export of all traded goods cannot be an indirect protection for domestic goods or a means of taxing imports or exports for fiscal purposes.
Unjustified quantitative restrictions in accordance with the applicable rules of the World Trade Organization will be eliminated and will not apply during the term of the Interim Agreement to the goods in respect of which the tariff obligations are accepted.
There are also obligations similar to those contained in the General Agreement on Tariffs and Trade (GATT), which do not allow abuse of their position by companies with exclusive or privileged rights (state trading enterprises, monopolies).
In the field of technical regulation and sanitary and phytosanitary measures, the Interim Agreement contains provisions aimed at increasing the transparency of the adoption and application of relevant measures. Requirements similar to the WTO in these areas are limited to applying to goods in respect of which tariff obligations will apply.
The interim agreement provides for a number of measures and mechanisms aimed at facilitating trade procedures and developing cooperation between the customs services of the EAEU member countries and Iran.
Following the meeting, the parliamentarians approved in first reading the draft law on ratification of the Interim Agreement leading to the formation of a free trade zone between the Eurasian Economic Union and its member states, on the one hand, and the Islamic Republic of Iran, on the other hand, signed on May 17, 2018 in Astana.
The majority of the goods Kyrgyzstan receives from Iran are construction materials, chemical industry products, foodstuffs and clothing. Whereas, goods exported from Kyrgyzstan to Iran include meat, beans and other agricultural products.
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