TEHRAN, Nov. 30 (Xinhua) -- The Iranian energy minister said the implementation of a free trade agreement between Iran and the Eurasian Economic Union (EAEU) will boost bilateral trade ties, Tasnim news agency reported Friday.
Reza Ardakanian made the remarks during his meeting with Tigran Sargsyan, head of the Eurasian Economic Commission, in Russia's capital Moscow on Thursday.
The agreement, which was signed in Kazakhstan's capital of Astana on May 17, is intended to last four years, during which the EAEU will grant Iran tariff concessions on 502 harmonized commodity codes.
The agreement to establish a free trade zone between Iran and the EAEU countries will be seriously followed by the Iranian officials, said Ardakanian.
He expressed the hope that the deal would provide the grounds for the increase of bilateral trade between the Islamic republic and the five EAEU member states.
For his part, Sargsyan welcomed the trade agreement and stressed the determination of the EAEU to commit to the deal.
The Eurasian Economic Union includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. Iran and EAEU members started to develop the agreement on the free trade in 2015, though the signing was postponed several times.