Tehran, June 10: Iranian lawmakers have approved draft legislation relating to a joint deal on free trade system with the European Economic Union. The body voted 174 against 4 in favour of the bill, state-run Islamic Republic News Agency (IRNA) has on Sunday reported.
According to lawmaker Ali-Akbar Karmini, who was cited by the IRNA, the legislation would encourage trade cooperation with Eurasian state members, as well as, the whole global states enjoying access to the Eurasian Economic Union (EAEU) will “serve as prelude” to joining the WTO (World Trade Organization).
Lawmakers approve outlines of bill to develop free trade with Eurasian nations https://t.co/PNziQEK9d1 pic.twitter.com/Nvs2gpgSq1
— IRNA News Agency (@IrnaEnglish) June 9, 2019
According to Sputnik news reports, Karmini has also stressed the development of the free trade zones would create several opportunities regarding jobs and also attract international investment into the nation, as per IRNA reports.
The EAEU was established in 2015 which provides free movement of labour, trade, capital, services, and goods which are determined by the international agreements and union’s treaty. The union’s member states include Russia, Kyrgyzstan, Belarus, Kazakhstan, and Armenia.
As per the EAEU data, the current GDP of the entire body stands at around 1.9 trillion.
Meanwhile, the reimposing of the US sanction against Tehran by United States President Donald Trump have heavily affected the Iranian economy, according to media reports, the currency has plummeted, inflation has spiked, and the imports are either way unavailable or costly.