Iran eyes boom in trade with EAEU after Free-Trade deal

Tasnim – An Iranian minister expressed the hope that the volume of trade exchange between Tehran and the Eurasian Economic Union (EAEU) would rise under a much-awaited free-trade agreement.

Iran is hoping to increase the volume of commercial exchange with the EAEU members as soon as a free-trade agreement with the union is signed, Iranian Minister of Industry, Mine and Trade Mohammad Reza Nematzadeh told Russia’s Rambler News Service on the sidelines of the Astana Expo 2017 in Kazakhstan.

Pointing to Iran’s high capacity to produce agricultural products, particularly fruit and vegetables, the minister added that Tehran also hopes to ink an agreement with Moscow to satisfy the demands of Russia’s large chain stores for summer fruits and vegetables in the long term.

The EAEU is an economic union of states located primarily in northern Eurasia. It provides for the free movement of goods, services, capital and labor within the member states.

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

In April, Russia’s Deputy Foreign Minister Vasily Nebenzya said the talks on the temporary free trade zone agreement between the Eurasian Economic Union and Iran are scheduled for completion by the next EAEU summit this fall.