News / Economy

‘Iran, Eurasian Econ. Union mulling over free trade zone’

Thursday, 16 April 2015 6:49 AM [ Last Update: Thursday, 16 April 2015 7:01 AM ]

The emblem of Eurasian Economic Union

The Islamic Republic of Iran and the Eurasian Economic Union (EEU) are reportedly considering the possibility of an agreement on a free trade zone.

This was discussed at a meeting of Iran's Ambassador to Russia Mehdi Sanaei and the chairman of the Eurasian Economic Union's Board Viktor Khristenko, IRNA reported.

The two sides discussed the ways and format of further cooperation between the EEU and Iran for a long-term perspective. They agreed to hold a number of meetings between high-level experts in order to discuss cooperation formats, the report added.

It further pointed out that the discussions were aimed at the possibility of reaching an agreement on a free trade zone.

According to Khristenko, Iran is an important partner for all the EEU member states. “Cooperation between the EEU and Iran is an important area of our work in strengthening the economic stability of the region,” he said.

The Eurasian Economic Union is an economic union of states located primarily in northern Eurasia. A treaty the establishment of the EEU was signed on 29 May 2014 by the leaders of Belarus, Kazakhstan and Russia, and came into force on January 1, 2015.

The regional trading bloc introduces the free movement of goods, capital, services and people and provides for common transport, agriculture and energy policies, with provisions for a single currency and greater integration in the future.

GHN/GHN

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