Iranian Energy Minister Reza Ardakanian said the country will officially join the Eurasian Economic Union (EAEU) late in October.
In a late-night interview with the Islamic Republic of Iran Broadcasting (IRIB), Ardakanian said the law on Iran’s accession to the EAEU has been ordered by Iranian President Hassan Rouhani to be implemented.
He further said a document has been exchanged between Iran and the secretariat of the Eurasian Economic Commission (EEC) in Moscow, adding that the deal will become operational in 60 days.
Ardakanian, who is also the chairman of Iran-Russia Joint Economic Commission, said Iran will officially join the EAEU in late October.
He went on to say that after Iran’s accession to the EAEU, 864 various products would be included in the preferential trade agreement (PTA) reached between the two sides.
The energy minister added that the accession would allow exports on zero tariffs for 70 products while 503 other items would enjoy lowered duties.
Back in June, the Iranian parliament ratified an agreement that allows the administration to join a free trade zone with the Eurasian Economic Union (EAEU) countries.
The agreement, signed in Kazakhstan in May 2018, sets the main rules of trade between the EAEU, Iran and those of the World Trade Organization (WTO), of which Iran is not a member.
The free trade zone is planned to be in effect for four years, under which the EAEU will grant Iran tariff concessions on more than 500 items.
Russia’s State Duma and the Federation Council had ratified the agreement to establish Iran-EAEU free trade zone in November 2018.
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.