TEHRAN- Eurasian Economic Union (EAEU) is ready for vast trade ties with Iran, Veronika Nikishina, the union’s minister of trade, told IRNA on Saturday.

“EAEU members are prepared to expand economic and trade relations with Iran and their cooperation with this country is promising”, she noted.

Iran is a very important market in the region and development of ties with this country is of high significance for the EAEU members, the official underscored and said that signing a free trade agreement between Iran and this union has laid the ground for the expansion of cooperation.

“We believe that trade ties with Iran should be increased and all sides should benefit from the created condition”, Nikishina commented.

In late August, Iran’s Ambassador to Russia Mehdi Sanaei attended a meeting with a senior EAEU official to finalize the agreement on formation of a free trade zone between Iran and the regional union.

A press release from Eurasian Economic Commission (EEC) in the same month, also showed that Sanaei and EEC Chief Tigran Sarkisyan had exchanged the documents needed to complete formalities for the deal would come into force in late October.

Based on this agreement, about 840 commodity items will be subject to preferential tariffs, which means tariffs on some goods will be reduced and some will become zero tariffs.

The Eurasian Economic Union is an economic union of states located in central and northern Asia and Eastern Europe.

MA/MA