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At the Astana Economic Forum, the Eurasian Economic Union (EAEU) and Iran have signed an interim agreement on a free-trade zone (FTZ), reported RIA Novosti news agency of Russia.

This document is the first phase in the creation of an FTZ between Iran and the EAEU. It envisions a reduction, or zeroization, of import customs duties for a fairly wide range of products.

The implementation of this temporary agreement will enable to considerably increase the volume of mutual trade.

“In addition, a joint commission at the level of senior officials of the parties will  be formed,” said chairman Tigran Sargsyan of the Board of Eurasian Economic Commission—the executive body of the EAEU. “The establishment of a business dialogue is planned.”

He added that this document is signed for three years, during which the parties shall come to accordance regarding a full agreement on an FEZ.

The EAEU comprises Armenia, Russia, Belarus, Kazakhstan, and Kyrgyzstan.

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