Eurasian bloc EEU, Iran may sign trade deal: Russian Federation

Cornelia Mascio
Marzo 15, 2017

"This concerns the foreign trade activities-machine building products' supplies to Iran and the increase of supplies of food products to Russia", Lugansky said in an interview.

"I believe this trend will be maintained in the next two or three years and bilateral trade volume will reach $10 billion", Russia's Rossiya Segodnya quoted him as saying on Wednesday.

Russia and Iran discuss contracts estimated at $10 billion, the Energy Minister of Russia, Alexander Novak, informed reporters on Monday.

Meanwhile, Iranian Minister of Communication and Information Technology Mahmoud Vaezi said the issue of supplying up to 100,000 barrels of oil per day to Russian Federation is within the scope of an "oil-for-goods" barter deal.

Ahead of Rouhani's impending visit to Moscow, First Vice President Es'haq Jahangiri on February 21 called for finalizing preparations for inking an agreement between the Islamic Republic and the Eurasian Economic Union (EEU), which includes Russian Federation as well, on the creation of a free-trade zone.

According to Lugansky, Iran should recognize the mutual interest of both countries within the framework of the free trade agreement. "A 80-percent increase in trade and economic relations in 2016 testifies to this".

The EAEU is a regional political and economic bloc that aims to optimize the flow of goods and services between its members.

Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russian Federation are members of the EEU which aims for common policies in economy and energy markets, and partnership in key infrastructure projects.

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