Iran, EAEU to Sign Free Trade Agreement by March 2024, Reports Say
© AP Photo / Florian SchroetterFILE - The flag of Iran waves in front of the the International Center building with the headquarters of the International Atomic Energy Agency, IAEA, in Vienna, AustriaI, May 24, 2021.
© AP Photo / Florian Schroetter
MOSCOW, October 22 (Sputnik) - In May, Chairman of the executive body of the Eurasian Economic Union (EAEU) Mikhail Myasnikovich revealed that the organization may sign an agreement on a free trade zone with Egypt by the end of the year.
Iran and the Eurasian Economic Union (EAEU) have agreed to enhance economic cooperation and sign a free trade agreement by March 2024, Iranian news agency IRNA reported on Sunday, citing Kambiz Mirkarimi, a member of the Russia-Iran chamber of commerce.
Iran, Russia, Armenia and Belarus will switch to settlements in national currency in their trade operations, as well as remove customs duties on imports of goods between the countries, according to Mirkarimi.
The EAEU includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. The EAEU currently has free trade agreements with Vietnam and Serbia. An agreement with Singapore was signed in 2019 but has not gone into force yet. The bloc also has an agreement on trade and economic cooperation with China.