The Eurasian Economic Union (EAEU) and Iran have signed a memorandum on cooperation in the field of trade. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.
The signing ceremony took place at the site of the Eurasian Economic Commission (EEC). The document is aimed at further developing trade and economic ties between the EAEU and Iran.
Previously, cooperation between the EAEU and Iran was carried out under an interim agreement. The new memorandum provides for expanding the legal framework of this interaction.
According to representatives of the EEC, the document covers issues of simplifying trade procedures, strengthening customs cooperation and increasing the volume of mutual trade. However, specific tariff obligations and details of the trade regime have not yet been made public.
The memorandum will allow consolidating common approaches of the EAEU member states to regulating trade relations with Iran. The union includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
Iran is regarded as one of the important trade partners of the EAEU. Trade turnover between the parties has shown a steady growth trend in recent years.
According to experts, the memorandum is an intermediate step towards creating a full-fledged free trade zone. However, the real economic effectiveness of the document will depend on the course of its implementation.
The EEC is the permanent regulatory body of the EAEU. Its competence includes managing integration processes within the union, coordinating trade policy and developing foreign economic ties.
The signing of the memorandum was carried out within the framework of the EAEU's strategy to expand international trade ties. The union had previously signed similar documents with a number of countries.
Since the text of the document and its annexes have not been officially published, additional information about the full content of the memorandum and its specific provisions is currently unavailable.
How relations between the EAEU and Iran will develop further will become known later. The parties expressed their intention to continue work under the document.