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EghtesadOnline: Prime ministers of the Eurasian Economic Union (EAEU) member states approved drawing up a Memorandum of Understanding (MoU) for establishment of a free trade zone with Iran.

The EAEU Prime Ministers Summit was held in Bishkek, Kazakhstan, on Tuesday with premiers of Russia, Kazakhstan, Belarus, Kyrgyzstan and Armenia.

According to IRNA, the summit discussed various issues including promotion of cooperation among member states and making use of their capabilities and potentials to boost interaction and collaboration among those states.

A temporary MoU was also signed for setting up free trade zone with Iran and it was also discussed how to promote bilateral cooperation among EAEU member states.

EAEU officially started its activity in 2015 with Russia, Kazakhstan, Armenia, Belarus and Kyrgyzstan as members.

Iran and EAEU have so far conducted several rounds of talks on economic cooperation to work out a temporary cooperation plan.

free trade zone Eurasian Economic Union Iran-EAEU trade