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Eurasian Economic Union

Russia stands for stronger integration within EAEU

Foreign Minister Sergey Lavrov noted that the leaders of members-states of the Eurasian Economic Union have already made a whole range of decisions aimed at beefing up the organization

MOSCOW, March 13. /TASS/. Russia stands for boosting integration processes within the Eurasian Economic Union (EAEU) being aware of the importance of keeping a single global system, Foreign Minister Sergey Lavrov said at the meeting with Tigran Sarkisyan, Chairman of the EAEU’s board, on Monday.

Read also

Russian PM stresses need to overcome recession in EAEU trade

"Integration processes are surging all around the globe, particularly with regard to regional integration," the minister said. "We are all in favor of their expansion, keeping in mind how important it is to maintain a single global system, including within the WTO (World Trade Organization - TASS)," Lavrov added.

"We are glad to hold a meeting focused on consideration of the issues related to supporting the EEC (Eurasian Economic Commission)," he said, adding that the leaders and foreign ministers of members-states of the Eurasian Economic Union have already made a whole range of decisions aimed at beefing up the organization.

Signing of Iran-EAEU free trade zone agreement

The document on formation of a free trade zone between Iran and the Eurasian Economic Union (EAEU) may be signed during the visit of Iranian President Hassan Rouhani to Moscow, Russia’s Energy Minister Alexander Novak said at the meeting with Mahmoud Vaezi, Iran’s Minister of Communications and Information Technology, who is also co-head of the intergovernmental Russian-Iranian commission, on Monday.

Read also

Putin says EAEU-Iran free trade zone can give impetus to investment

"The delegation on consideration of the agreement on a free trade zone between Iran and the Eurasian Economic Union has been staying in Tehran since yesterday. The body of the document is being agreed, and hopefully it will be ready for signing by the time Iranian President arrives in Moscow," he said.

As reported earlier the implementation of the free trade zone agreement involving EAEU and Iran will imply several stages. This means that initially the mechanism will only cover a certain set of goods.

The creation of a free trade zone between Iran and the Eurasian Economic Union is hindered by the fact that the country does not belong to the World Trade Organization.

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Eurasian Economic Union

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