EAEU countries ready to discuss with EU free trade area from Lisbon to Vladivostok

The Eurasian Economic Union (EEU) in June may start informal talks on forming a free trade zone with Iran, Eurasian Economic Commission Trade Minister Veronika Nikishina said, Sputnik reported May 25th, Trend reports with reference to Sputnik Georgia.

"[The decision was taken] to start informal talks on a possible signing of a temporary free trade zone agreement, which will precede a comprehensive and all-inclusive agreement, but will benefit us in terms of reducing duties...these are informal consultations, in June, we will possibly start such consultations," Nikishina told reporters on the sidelines of the Astana Economic Forum.

In March, Russian Deputy Economic Development Minister Alexei Likhachev said that a dedicated Joint Study Group is expected to decide on the format of the Free Trade Area (FTA) between the EEU and Iran during the first half of 2016, adding that the format would not be in a pure form.

Decisions on forming a free trade zone are taken on the basis of results produced by the study group, Nikishina said, adding that the economic commission, which acts as the EEU's executive body, will receive the mandate to start talks if the FTA is found to potentially bring significant benefits.