Russian President Vladimir Putin said that Iran is a key link in the southern trade route between Eurasian markets and those in the Middle East and South Asia.
Iran is a major economy in the region and a developed country in terms of technology, and therefore, strengthening ties with Iran will bring great benefits for both the country and EAEU member states, Putin said on Monday as he chaired a summit of the Eurasian Economic Union in the Russian city of St. Petersburg where the agreement was signed.
He also said that the liberalization of trade with Iran will also encourage the development of key transport routes such as the North-South International Corridor, while it will create opportunities for scientific and industrial cooperation as well as the exchange of tourists and delegations between countries.
The Russian president expressed hope that the parliaments of Iran and the EAEU member states would ratify the newly-signed free trade agreement as soon as possible.
The Eurasian Economic Union is made up of five ex-Soviet states: Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan.
Under the free trade agreement signed earlier on Monday, Iran and the five-member bloc will lift tariffs on 87% of the items being exchanged between them.
MNA/PR