Tehran (IP) - The First Vice President of the Islamic Republic of Iran underscored that free trade with the Eurasian Economic Union was a good opportunity for Iran's economy.

Iran PressIran news: Es'haq Jahangiri, Iran's First Vice President, on Sunday called on the Ministry of Industry, Mine and Trade and other relevant agencies to set a timetable to finalize the Iran-Eurasia Agreement.

Jahangiri added that the free trade between Iran and the Eurasian Economic Union would provide a large market for the country's homemade goods.

According to Iran's customs statistics, the volume of Iran's foreign trade with a total of five member countries of the Eurasian Economic Union in the first five months of the fiscal year (starting on March 21, 2020) was more than two billion dollars, which has grown by 6% compared to the same period last year.

In May 2018, Iran signed an agreement with the Eurasian Economic Union members in Kazakhstan, which granted Iran tariff concessions on hundreds of items.

The EAEU bloc consists of Russia, Armenia, Kazakhstan, Belarus and Kyrgyzstan.

Russia's State Duma and the Federation Council ratified the agreement to establish Iran-EAEU free trade zone in November 2018.


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