EAEU Likely to Establish Free Trade Zone with Iran by Yearend: Minister

Minister for Trade of the Eurasian Economic Union (EAEU) Andrey Slepnev announced the possibility of setting up a free trade zone between the union and Iran by the end of the current year.

"Delicate work is underway to fine-tune the document; we are putting the finishing touches on it. I hope that we will complete this process within a month. And we plan to report the results to the prime ministers in Sochi at the beginning of next month (during a summit of the prime ministers of the countries of the Commonwealth of Independent States and the Eurasian Economic Union)," he said.

“After that, some formal procedures will be performed. I think there is a very high degree of probability that we will sign the agreement with Iran this year," Slepnev was quoted as saying by the SB. Belarus Segodnya state-run media outlet.

The free trade zone agreement with Iran will considerably increase mutual trade volumes, he added.

The draft agreement between Iran and the EAEU on receiving preferential exports tariffs was signed in July 2017. A temporary agreement was concluded in 2018 regarding the participation of Iran with Eurasian Economic Union and talks for the conclusion of a full-fledged agreement between Iran and EAEU is ongoing as of the second half of 2021.

The EAEU is an intergovernmental economic union comprising Belarus, Kazakhstan, Russia, Kyrgyzstan and Armenia.