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) in�June may start informal talks on�forming a free trade zone with�Iran, Eurasian Economic Commission Trade Minister Veronika Nikishina said Wednesday.

"[The decision was taken] to�start informal talks on�a possible signing of�a temporary free trade zone agreement, which will precede a comprehensive and all-inclusive agreement, but�will benefit us in�terms of�reducing duties�these are informal consultations, in�June, we will possibly start such consultations," Nikishina told reporters on�the sidelines of�the Astana Economic Forum.

In March, Russian Deputy Economic Development Minister Alexei Likhachev said that a dedicated Joint Study Group is expected to�decide on�the format of�the Free Trade Area (FTA) between�the EEU and Iran during�the first half of�2016, adding that the format would not be in�a pure form.

Decisions on�forming a free trade zone are taken on�the basis of�results produced by�the study group, Nikishina said, adding that the economic commission, which acts as�the EEU's executive body, will receive the mandate to�start talks if the FTA is found to�potentially bring significant benefits.

In late December, it was reported that the EEU, comprising Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan together with�Iran were beginning to�work on�a free trade zone agreement.

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

By Sputnik News