Iran to Join Russian-led EEU

According to the revelation made by Russian Deputy Prime Minister Aleksandr Novak on Tuesday, it is anticipated that Iran would join the Russian-led EEU in the near future.

We came to an agreement that we would take down any and all obstacles that now are standing in the way of expanding commerce between our nations. During a conference of the bilateral commission on economic and trade relations between Russia and Iran, Novak said that the topic of decreasing obstacles at the border of third countries was being discussed.

In 2015, the Eurasian Economic Union was founded on the foundation of the Customs Union that Russia, Kazakhstan, plus Belarus had previously formed. In subsequent years, Armenia and Kyrgyzstan became members of the union. In 2016, Vietnam made history by becoming the first nation that was not located in the area to become an actual member of the bloc. The goal of the union is to guarantee that all member states have unrestricted access to one another’s markets for the free flow of products, services, money, and laborers.

Over fifty different nations and international organizations, such as China, Indonesia, Jordan, and Thailand, in addition to a few nations in South America, have shown an interest in negotiating a free-trade agreement with the EEU.

As per Novak, the amount of business conducted between Iran and Russia has been expanding at a “record rate” recently. In yearly terms, it increased by more than 36% in the period of January to August, reaching $3.3 billion. The Deputy Prime Minister is optimistic that the amount will soon be able to exceed $4 billion.

In the midst of Sanctions imposed on Moscow and Tehran, Russia and Iran began swiftly extending their cooperation with one another. Since the beginning of the year, they have come to an agreement on a number of matters, including the bartering of supplies of Iranian wind generators, replacement parts, and aircraft equipment; the joint construction of pipelines and field development; and visa-free travel for tourism destinations groups coming from Russia. Among the other matters covered by these agreements is the bartering of supplies.

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