Iran and the Eurasian Economic Union (EAEU) have finalized an agreement to create a free trade zone.
The two sides will observe the basic principles of World Trade Organization and create the proper conditions for trading all goods in the framework of commerce collaborations, the EAEU press office reported.
According to trend news, Iran and the EAEU negotiated for 18 months for creating the free trade zone, during which Iran’s ICT Minister Mahmoud Vaezi and Minister for Trade of the Eurasian Economic Commission examined the different dimensions of the agreement.
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, with a combined GDP of $2.2 trillion, $ 3.1 trillion of industrial products, and $ 877 billion trade with non-member countries, equal to 7.3 percent of world export and 3.2 percent of world import.