Kazakhstan minister of national economy, Timur Suleimenov, has said an agreement between Eurasian Economic Union (EAEU) and Iran on creation of a free trade zone will be signed on May 17.

The news was first reported by Russian news agency, TASS on Wednesday. The Kazakh minister has said that signing the agreement with Iran will give a good opportunity to Kazakh traders to substantially increase their exports to Iran.  He also said that a cooperation agreement with China will be signed by EAEU on the same day.

Earlier, Iran's Ambassador to Moscow, Mehdi Sanaei , had reiterated that Iran and Russia, as the head of EAEU, have finalized discussing preferential tariffs and they are now ready for signing of agreements. He also said that talks on preferential tariffs started two years ago, and now a list of the items that will be subjected to tariff cut is ready.

Sanaei added that Iran 's membership in Eurasian Economic Union will have a significant influence on facilitating regional trade, as customs tariffs cuts will ease the trade exchange between Iran and the member states of the union.