Official: Eurasia to sign free trade agreement with Iran soon

Speaking to Russian media, Slepnev said that the Eurasian Economic Union (EAEU) has held important negotiations with Iran to solve some issues regarding the free trade agreement.

He added that lifting almost all customs duties in Iran's mutual trade with Eurasian member states, especially Russia, was on the agenda of these talks.

Meanwhile, the Eurasian Economic Commission (EEC) in a statement announced that last week, during the negotiations in Tehran, a memorandum was signed for the future agreement between the two parties.

Iran and the EAEU have agreed on most of the main issues to finalize the negotiations on the free trade area agreement as well as mutual access to the market, except for certain types of agricultural products.

According to the statement, trade turnover between Eurasia and Iran has increased by 74% in 2021 and the figure experienced 25% growth in the first 10 months of 2022.

The statement also hailed the prospect of developing long-term cooperation between the EAEU and Iran in the field of transportation, industry, agriculture, and food security.