Russia-led free-trade zone to accept 5 new members, including Iran

TEHRAN, Feb. 10 (MNA) – Free-trade agreements are expected to be signed between the Russia-led Eurasian Economic Union (EAEU) and five more countries including Singapore, India, Egypt and Iran in the near future.

That’s according to Russia’s First Deputy Minister of Industry Sergey Tsyb. He said that WTO member states currently use over 7,500 non-tariff measures such as quotas, licenses, restrictions and embargos in respect of industrial goods.

The Israeli regime will also be joining the EAEU in the near future, according to the report.

“Therefore, in our opinion, it would be very productive if we actively move towards the conclusion of agreements on the free-trade zone,” said the official.

This would make it possible to promote exports within the framework of regional trade hubs, he explained. “That will definitely help in this challenging and highly sensitive situation on global markets to provide the opportunity for promotion of Russian export initiatives.”

More than 40 countries and international organizations, including China and Indonesia, as well as some South American countries, have expressed interest in a free-trade deal with the EAEU. The trade bloc has also held negotiations with South Korea, Egypt, and India, Russia Today reported.

Iran signed an interim agreement with the economic bloc last year, with a full-fledged agreement expected within three years.

Iranian Ambassador to Russia Mehdi Sanaei said Friday that he expects the Iranian parliament to ratify the free trade agreement between the EAEU and Iran in the near future.

“The agreement is very important for Iran,” he said, adding “because it opens the gates to a big market for our country, and also opens the Iranian market to Russia and northern countries.”

MA/PR

News Code 142359

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