Russia and Iran Enter Free Trade Zone Agreement

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Russia and Iran can sign the document that is expected to become a blueprint for free trade between Iran and the EAEU (Eurasian Economic Union) countries in May. Russia’s Energy Minister and co-head of the Russian-Iranian intergovernmental commission Alexander Novak said at a meeting of the commission on Tuesday.

`The move to enter into a temporary agreement making for a free trade zone to be set up between Iran and the Eurasian Economic Union. which is currently at an advanced stage. will obviously trigger further development of our bilateral trade and expansion of investment cooperation.` he said. adding that he hopes `the document will be signed in May.`

Earlier Iran’s Ambassador to Russia Mehdi Sanaei said in an interview with TASS that the talks on a free trade zone to be established between the Eurasian Economic Union and Iran are close to completion.

The work on a free trade zone between Iran and the Eurasian Economic Union began in 2015. though the signing has been repeatedly postponed.