YEREVAN, JUNE 10, ARMENPRESS. Thanks to Armenia the development of Eurasian Economic Union’s (EEU)  foreign economic component gained additional boost, Minister of Foreign Affairs Zohrab Mnatsakanyan said during parliamentary hearings titled “Year of Armenian Presidency at EEU: Challenges and Opportunities”.

“Armenia’s political and economic ties with Iran created conditions for the Union to enter the Middle Eastern region, as a result of which the interim agreement aimed at the creation of a Free Trade Zone between the EEU countries and Iran was signed on May 17th, 2018 in Astana,” Mnatsakanyan said.

The deal is signed with a three-year term and provisions reduction or abolishing of import customs duties for a broad range of products.

The Armenian FM said that the implementation of respective agreements with Iran and China, as well as completion of negotiations with Singapore, Serbia, Egypt, Israel and India, can be an additional boost for the EEU’s integration into the global economy.

The EEU-Iran FTZ deal has been ratified by all members of the Union. Iran in turn ratified the agreement on June 10, 2019.

Edited and translated by Stepan Kocharyan