Iran, EAEU to Start Talks on Free Trade Zone

Formal talks on creation of a free trade zone (FTZ) between Iran and the Eurasian Economic Union (EAEU) will begin soon, the Armenian president said.

“The presidents of four countries have approved the proposal that it is necessary to launch negotiating process (on creation of free trade zone) with Iran, Egypt, India and Singapore. That means that already on the platform of the EuroAsian commission we will start an intensive process of preparation of signing agreements with those countries,” Serzh Sargsyan, who is also the chairman of the Board of the Eurasian Economic Commission, told reporters on Tuesday, the Tass news agency reported.

He added that the presidents had instructed their governments to create working groups that will take part in the negotiations as well as to appoint officials responsible for the talks.

Talks with Iran, Egypt, India and Singapore will start as soon as negotiations with Serbia and other countries come to an end.

The Eurasian Economic Union is an economic union of states located primarily in northern Eurasia. A treaty aiming for the establishment of the EAEU was signed on 29 May 2014 by the leaders of Belarus, Kazakhstan and Russia, and came into force on 1 January 2015. Treaties aiming for Armenia’s and Kyrgyzstan’s accession to the Eurasian Economic Union were signed on 9 October and 23 December 2014, respectively. Armenia’s accession treaty came into force on 2 January 2015. Kyrgyzstan’s accession treaty came into effect on 6 August 2015.

 Source: Iran business news