Financial Tribune

"The agreement on the creation of a free trade zone with Iran has been ratified by all five members of EEU. We expect Iran to ratify the agreement this summer," the minister was quoted as saying by ARKA News Agency.

Khachatryan added that EEU and Iran will drop customs duties for a quarter of the commodities manufactured in Iran and EEU member states.

"This agreement is envisaged for a transitional period and the next stage of deeper cooperation will come when these duties are eliminated on both sides," he said.

The two sides are looking to substantially increase trade, as the two sides signed a three-year provisional agreement on May 17, 2018, for the bloc to welcome Iran into EEU. The arrangement is the first step in implementing free trade between Iran and the union’s five members. It lowers or abolishes customs duties, setting off a three-year process for a permanent trade agreement.