The Iranian government has approved the signing of the law on the establishment of a free trade agreement with the Eurasian Economic Union (EAEU), spokesperson of Iran's Cabinet of Ministers Ali Bahadori Jahromi said.
"The Cabinet of Ministers has approved the [signing] of the draft free trade agreement between EAEU countries and Iran," Jahromi said.
Earlier, this agreement was ratified by Russia, as well as other members of the EAEU, including Armenia.
The free trade agreement was signed late last year to replace the temporary agreement in force since 2018.
The objectives of the agreement are to liberalise and facilitate trade in goods between the parties through the reduction or elimination of tariff and non-tariff barriers, support trade and economic cooperation, encourage expansion and diversification of trade, as well as enhance closer cooperation in the fields agreed in the agreement.
It is expected that economic ties between the regions will further deepen, as well as the North-South transport corridor, which will further contribute to the growth of tourist arrivals.
