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Russia's PM approves agreement on establishing free trade zone between EAEU and Iran

The agreement provides for the formation of a free trade area on a limited range of goods between the EAEU and Iran

Russian Prime Minister Dmitry Medvedev Anton Novoderezhkin/TASS

Russian Prime Minister Dmitry Medvedev

© Anton Novoderezhkin/TASS

MOSCOW, April 24. /TASS/. Russian Prime Minister Dmitry Medvedev has approved a draft interim agreement with a term of four years that provides for the formation of a free trade area between the Eurasian Economic Union (EAEU) and Iran, according to a relevant decree released on the government website on Tuesday.

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Russia and Iran may enter free trade zone agreement in spring

"By signing a decree, the Russian side approves the draft interim agreement providing for the formation of a free trade zone between the Eurasian Economic Union and its states, on the one side, and the Islamic Republic of Iran, on the other side," the report said.

The agreement provides for the formation of a free trade area on a limited range of goods and is subject to ratification as it contains regulations differing from those provided by the Russian legislation.

In March, Iranian Ambassador to Russia Mehdi Sanaei said in an interview with TASS that the negotiations on establishing a free trade zone between the EAEU and Iran were nearing completion. The work on the agreement began in 2015, but the signing was postponed several times. The EAEU includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.

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