Iran's parliament OKs to set up free trade zone with EEU

Business Materials 10 June 2019 15:03 (UTC +04:00)

Tehran, Iran, June 10


Iran's parliament has approved the establishment of free trade zone between Iran and Eurasian Economic Union on Monday, so the country would have access to market with population of 180 million, said Iran's Energy Minister Reza Ardakanian.

"The Eurasian Economic Union has been established five years ago by Russia, Kazakhstan, Belarus, Kyrgyzstan and Armenia while after two years of negotiations Iran joined the union but it needed passing the regulations domestically," said Ardakanian, Trend reports citing ILNA.

"The bill was passed by the parliament today with majority of votes," he noted.

"This means that Iran would have access to the Eurasian market of some 180 million people. We're looking to cooperate with the private sector to supply over 500 varieties of domestic goods to this market," he said.

"The Iran-Russia joint economic commission plans to hold meetings next week to discuss the prospects with private and public sector companies in Tehran and Isfahan," he said.