5 Oct 2022 13:32

EAEU, Iran expected to reach full-fledged free trade agreement in 2023 - Reshetnikov

MOSCOW. Oct 5 (Interfax) - The Eurasian Economic Union (EAEU) and Iran are expected to arrive at a full-fledged agreement on creating a free trade zone in 2023, Russian Economic Development Minister Maxim Reshetnikov said.

"We expect that within the context of our negotiations - the fifth round of negotiations has already been held - we will already arrive at a permanent agreement on a free trade zone next year with a fundamentally broader reach and depth, since we understand that right now the conditions, situation and developed potential are really pushing us toward maximally deep cooperation," Reshetnikov said at the second Caspian Economic Forum.

He recalled that EAEU countries and Iran now have a temporary agreement to work on forming a free trade zone.

The temporary agreement was signed in 2018 and was initially set to expire in October of this year, but at the end of 2021 the Supreme Eurasian Economic Council approved its extension for three years or until a permanent agreement goes into effect.