29 Mar 2024
Wednesday 25 May 2016 - 17:30
Story Code : 215553

Eurasian Economic Union-Iran free trade area talks may start in June

Eurasian Economic Commission Trade Minister said that EEU in June may start informal talks on forming a free trade zone with Iran.

ASTANA (Sputnik) The Eurasian Economic Union (EEU) inJune may start informal talks onforming a free trade zone withIran, Eurasian Economic Commission Trade Minister Veronika Nikishina said Wednesday.

"[The decision was taken] tostart informal talks ona possible signing ofa temporary free trade zone agreement, which will precede a comprehensive and all-inclusive agreement, butwill benefit us interms ofreducing dutiesthese are informal consultations, inJune, we will possibly start such consultations," Nikishina told reporters onthe sidelines ofthe Astana Economic Forum.

In March, Russian Deputy Economic Development Minister Alexei Likhachev said that a dedicated Joint Study Group is expected todecide onthe format ofthe Free Trade Area (FTA) betweenthe EEU and Iran duringthe first half of2016, adding that the format would not be ina pure form.

Decisions onforming a free trade zone are taken onthe basis ofresults produced bythe study group, Nikishina said, adding that the economic commission, which acts asthe EEU's executive body, will receive the mandate tostart talks if the FTA is found topotentially bring significant benefits.

In late December, it was reported that the EEU, comprising Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan together withIran were beginning towork ona free trade zone agreement.

EEU countries supply wheat, barley, corn, vegetable oils, rolled steel, trucks, timber, paper, synthetic fibers, electricity and radar equipment toIran, according tothe Eurasian Economic Commission, a permanent regulatory body ofthe EEU. Iran supplies vegetables, fruit, cement and petroleum products toEEU countries.

By Sputnik News
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