IRAN-EEU deal to ensure growth in trade: Ambassador

An agreement to set up a free-trade area between Iran and the Eurasian Economic Union (EEU) will establish the basis for further growth in trade with Russia, which grew by about 80 percent in 2016, said Iranian Ambassador to Russia Mehdi Sanaei.

According to TASS, the ambassador noted, “Trade and economic relations between our countries are being transformed too.

“The signing of the relevant framework agreements has created the conditions for these changes. An 80-percent increase in trade and economic relations in 2016 bears witness to this.”

The diplomat added, “I hope the same growth rates will be maintained in the coming years and that an agreement on a free-trade area between Iran and the EEU will create conditions for increasing mutual trade.”

On March 13, Russian Energy Minister Alexander Novak said at a meeting with Iranian Information and Communications Technology Minister Mahmoud Vaezi that the document on setting up a free-trade area between Iran and the EEU could be signed during Iranian President Hassan Rouhani’s visit to Moscow at the end of March.

Board Chairman of the Eurasian Economic Commission (EEC) Tigran Sarkisyan told TASS on Tuesday that EEU is working on free trade zone (FTZ) agreements with China, Iran, India, and Singapore.

About 40 countries are currently interested in establishing trade and economic relations with the EEU and priorities should be determined, he said.

This primarily refers to countries desirous of making the free trade zone agreement with the EEU, the official said.