EAEU to ink free trade pact with Iran soon
The Russia-backed Eurasian Economic Union (EAEU) says it expects to sign a temporary agreement with Iran before October over the establishment of a free trade zone with the Islamic Republic.
The announcement was made by Tigran Sargsyan, the board chairman of the Eurasian Economic Commission (EEC) as reported by Russia’s Sputnik news agency.
"The decision has been taken to speed up the work to sign the agreement with Iran. We expect the document to be signed in 2017," Sargsyan told reporters following a meeting of the Eurasian Intergovernmental Council in Astana.
The EAEU is an international organization for regional economic integration. It has international legal personality and is established by the Treaty on the Eurasian Economic Union.
The EAEU provides for the free movement of goods, services, capital and labor, pursues coordinated, harmonized and single policy in the sectors determined by the Treaty and international agreements within the Union.
Armenia, Belarus, Kazakhstan, Kyrgyzstan and the Russian Federation are the current member states of the union.
The union has been created to comprehensively upgrade, raise the competitiveness of and cooperation between the national economies, and to promote stable development in order to raise the living standards of the nations of the member states.
In June, the EEC, with is the EAEU’s main executive body, said that the bloc and Iran had finished working on the text of the temporary free trade zone agreement and that the sides will continue talks on liberalizing mutual market access and coordinating tariff obligations in the near future.
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