Finally Iran is going to formally be added to Eurasian Economic Union (EAEU) on 27th October 2019. According to Russian media, Mehdi Sanaei, Iran’s ambassador to the country had attended a meeting with a senior EAEU official to finalize an agreement which will form a free trade zone between Iran and the regional union. Sanaei and EEC chief Tigran Sarkisyan had exchanged the documents required to complete formalities for the deal to come into force in October.

“The negotiations were challenging, but they are over. The agreement has been signed and ratified. The progress is evident,” said Sanaei.

Also Reza Ardakanian, Iran’s Minister of Energy declared on an interview that Iran’s official accession to the EAEU will start around 60 days after the exchange of documents in Moscow. He believed that it is a major breakthrough for Iran’s commerce, allowing exports on zero tariffs for 70 products while 503 other items would enjoy lowered duties!

 “We can supply our goods and products to their markets through the land borders of the Republic of Armenia as well as sea borders of the Russian Federation and Kazakhstan,” said Ardakanian.

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