The second agreement was signed with Iran in May 2018 and entered into force on 27 October 2019. This is a temporary agreement valid for a period of three years. One year after its entry into force, the parties will start discussions on a full-fledged free trade agreement. The agreement is limited due to a low degree of liberalisation. The reduced tariffs cover only 50% of the total volume of trade between the two countries. For products, this corresponds to 502 HS codes for the Union and 360 for Iran. Armenia will benefit most from trade with Iran, as it is subject to the economic blockade of Turkey and Azerbaijan and has no common borders with the UEA member states. This is one of the results of the careful work of the Eurasian Union in signing free trade agreements with interested countries. These fears turned out to be unfounded: our exports increased by 40%, while imports from Vietnam increased by 34%.
By 2025, duty-free imports of Vietnamese products will account for 90% of the positions in the European Union`s Common Customs Tariff. The development of trade and economic cooperation with Iran is also beneficial for Russia. Trade sales between the two countries amounted to $US 1.741 billion in 2018. Russian exports to Iran are estimated at $1.208 billion, while Iranian exports to Russia amounted to $533 million. Deputy Prime Minister of the Russian Federation Dmitry Kozak estimates that the Russian economy will earn an additional $150 million a year after the provisional agreement is ratified. Other Eurasian countries are also interested in developing their general trade and economic cooperation with Iran. Given the imminent signing of the Caspian Sea Transport Cooperation Agreement and the emergence of an important transport and logistics node, trade with Iran could continue to grow. The Trade and Economic Cooperation Agreement between the Eurasian Economic Union and the People`s Republic of China was signed on 17 May 2018 and will enter into force at the end of October 2019. . . .