Iran has reached a provisional agreement with the Eurasian Economic Union (EAEU) so as to create a free trade zone, the chair of the board of the EAEU’s economic commission, was quoted as saying on Thursday.
“The temporary agreement stipulates an effective dispute settlement mechanism, including arbitration … It also creates a joint committee of high-ranking officials and establishes a business dialogue,” Sputnik quoted Tigran Sargsyan while speaking at a ceremony in Kazakhstan’s Astana.
According to the source, the pact is expected to last for three years to provide a full-fledged deal on a free trade zone.
“Our negotiators have already set a long-haul objective for the next three years to agree (to) a full-fledged accord on a free trade zone,” Sargsyan announced, as cited by Sputnik.
The five-nation bloc consists of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.