The Eurasian Economic Union and Iran are carrying on with negotiations on the creation of a free trade zone, Russian Deputy Foreign Minister said, adding that the parties plan to sign an agreement on the issue this year.
“The negotiations are the most intense on the full-fledged agreement on free trade with Iran: six rounds of consultations have been held since November 2021. The goal is to finalize negotiations this year and sign the agreement,” Alexander Pankin told TASS.
The implementation of the temporary agreement between the EAEU and Iran dated May 17, 2018, which stipulates liberalization of trade on a limited range of goods, “has already favorably influenced mutual trade,” the diplomat stressed. “Since its enforcement on October 27, 2019 trade turnover between the Union’s member states and Iran has doubled to $5 bln,” he noted.
“The preparations of a similar document with Egypt are underway. The fifth round of consultations took place in October 2022, which contributed to bringing the sides’ positions even closer,” Pankin added.
