Sputnik - The EAEU and Iran have signed a temporary agreement to establish a free trade zone during an economic forum in Astana.




Iran and the Eurasian Economic Union (EAEU) signed a provisional pact on�Thursday to�create a free trade zone, the chair of�the board of�the EAEU's economic commission, said.
"The temporary�agreement�stipulates an effective dispute settlement mechanism, including arbitration � It also creates a joint committee of�high-ranking officials and establishes a business dialogue," Tigran Sargsyan said at�a ceremony in�Astana, Kazakhstan.


The newly-signed provisional agreement on�a free trade zone between�the Eurasian Economic Union (EAEU) and Iran will provide new opportunities for�Armenia to�step up�trade with�the neighboring country and develop new production capacities, Armenian Deputy Prime Minister Tigran Avinyan said Thursday.

"Convinced that the agreement will open up�new opportunities for�Armenian goods to�expand into�the Iranian market, and also create favorable conditions for�developing new production capacities in�Armenia," Avinyan wrote on�Facebook.

The official noted that the agreement had been signed following�lengthy and difficult talks, stressing a considerable role of�the Armenian side during�the entire negotiation process.

The arrangement will last for�three years to�allow for�a full-fledged deal on�a free trade zone.

"Our negotiators have already set a long-haul objective for�the next three years to�agree [to] a full-fledged accord on�a free trade zone," Sargsyan announced.

It is the first step in�streamlining trade between�the Islamic republic and the five-nation bloc, which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.