Iran, EAEU to sign temporary agreement on FTZ in fall: Russian official

Tasnim – Russia’s Deputy Foreign Minister Vasily Nebenzya said a temporary agreement for forming a free-trade zone (FTZ) between Iran and the Eurasian Economic Union (EAEU) is expected to be reached this fall.

“There have been no political obstacles because Iran and we want to establish such a zone,” Nebenzya said, the Tass news agency reported on Friday.

He added, “This is merely an issue of negotiating conditions for this zone: what goods items we will open for access and what ones will be held; the same is from Iran’s part”.

Negotiations of the temporary free trade zone agreement between the EAEU and Iran were planned to be completed by the latest summit of the Eurasian Economic Union held on April 14, the diplomat said.

“However, we decided it will be advisable to continue discussing this topic and proceed with talks,” he said. “I hesitate to mention the timeframe but I think we will gear up for the next EAEU summit in fall,” Nebenzya added.

The EAEU is an international organization for regional economic integration. It has international legal personality and is established by the Treaty on the Eurasian Economic Union.

The EAEU provides for the free movement of goods, services, capital and labor, pursues coordinated, harmonized and single policy in the sectors determined by the Treaty and international agreements within the Union.

Armenia, Belarus, Kazakhstan, Kyrgyzstan and the Russian Federation are the current member states of the union.

The union has been created to comprehensively upgrade, raise the competitiveness of and cooperation between the national economies, and to promote stable development in order to raise the living standards of the nations of the member states.