(Persia Digest) – The Russian Prime Minister, Dmitry Medvedev, has signed a 4-year MoU to establish a free trade zone between Iran and the Eurasian Economic Union. The interim agreement was published online on the Russian government’s official website yesterday, whereby Iran and the EAEU will operate a free trade zone for a period of four years.

Based on the MoU, a limited range of commodities will be traded here. Tariff concessions will be granted to Iran by the EAEU on 502 HTS codes.

According to the Russian Federal government's regulations on international treaties, this agreement must be ratified after signature.

The Iranian Ambassador to Russia, Mahdi Sanaei, had said earlier: “Negotiations on the free trade zone between Iran and EAEU were close to completion.”

EAEU members are Belarus, Kazakhstan, Kyrgyzstan, and Russia. This is an economic union established with the aim of guaranteeing the free transport of goods, services, capital, and manpower between the member states. Currently, over 40 countries and international organizations, including China, Indonesia, Israel, and Latin American countries have declared their readiness to work within the Union’s framework.

The Iranian Finance Minister, Massoud Karbasian, has said about the MoU: “Joining the EAEU is important for Iran because we will be able to establish economic bases in the member states and several observer states.

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