EEU, Iran expected to ink FTA by March-end: Novak

March 14, 2017

TEHRAN- Iran and the Eurasian Economic Union (EEU) are expected to sign a free trade agreement (FTA) by the end of this month, Russian Energy Minister Alexander Novak announced.

Making the remarks before his Monday meeting with Iranian Communications and Information Technology Minister Mahmoud Vaezi in Moscow, Novak expressed hope that the agreement will be ready when Iranian President Hassan Rouhani makes his planned visit to Russia in late March, according to worldbulletin.net.

A memorandum of understanding to set up a free trade area between member countries and Iran was signed during the EEU summit in Bishkek in Kyrgyzstan on March 7. 

Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia are members of the EEU which aims for common policies in economy and energy markets, and partnership in key infrastructure projects.

Meanwhile, Vaezi said that negotiations have been conducted to provide the prerequisites for President Rouhani’s visit and signing the MOU, hoping that the talks in Moscow will have a positive impact on the expansion of bilateral ties, IRNA reported on Tuesday.

He added that issues are discussed to make the agreement on exports of 100,000 barrels per day of Iranian oil to Russia operational.

HJ/MA/MG

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