Senators have ratified the free trade agreement between the EAEU, Iran, and Singapore.

Astana. December 19. KAZAKHSTAN TODAY - The Senate of the Parliament of the Republic of Kazakhstan has ratified an agreement on free trade between the member states of the Eurasian Economic Union and the Islamic Republic of Iran and the Republic of Singapore, reports the agency's correspondent.

The purpose of the agreement is to enhance trade and economic cooperation among the parties and to ensure a duty-free trade regime for a wide range of goods. The main objectives of the agreements include the establishment of a free trade zone and attracting investments to the countries of the Eurasian Economic Union," the conclusions state.

According to the law on ratification of the free trade agreement with Iran, imported goods from one party to the territory of the other party are granted the same benefits and privileges provided for similar goods of national origin. Additionally, the freedom of transit through the territory of each party along the routes most convenient for international transit is established.

Special attention in the agreement is given to the opportunities for guaranteed duty-free supplies of Kazakh grain to Iran within the volumes of tariff quotas," noted Deputy Lyazzat Rysbekova.

However, for particularly sensitive goods such as beef and poultry, dairy products, sugar, alcohol, cigarettes, baby food, honey, polymers and other petrochemical products, herbicides, packaging bags, railway cars, tractors, passenger and freight vehicles, the regime of exemption from free trade is maintained.

According to last year's results, the volume of bilateral trade between Kazakhstan and the Islamic Republic of Iran amounted to 303 million US dollars. The main items of Kazakh exports include: barley - 43.7 million US dollars, wheat - 18.1 million US dollars, waste obtained from the extraction of other vegetable oils - 8.8 million US dollars, rapeseed seeds - 5.9 million US dollars, and other goods totaling 83 million US dollars," reported the senator.

In turn, the main import goods into Kazakhstan from Iran are: ethylene polymers - 36 million US dollars, unglazed ceramic tiles - 14.3 million US dollars, dates, figs, pineapples, avocados - 11.8 million US dollars, totaling 220 million US dollars.

Under the free trade agreement with Singapore, the EAEU will eliminate import customs duties on 88% of the entire commodity nomenclature. At the same time, exemptions from the free trade regime are provided for particularly sensitive goods. The expected outcomes of implementing the agreements are significant opportunities for diversifying the export of goods from the countries of the Eurasian Economic Union to the Republic of Singapore and ensuring the protection of domestic producers' interests in the Singaporean market.