Iranian lawmakers on Mon. ratified a joint free-trade agreement between Iran and the Russia-led Eurasian Economic Union (EAEU) member states, Mehr News Agency reports.
The bill was ratified during a Parliament open session on Monday, which allows the government to start exchanging documents with EAEU member states on establishing a joint free-trade zone with the bloc.
According to MP Ali-Akbar Karimi, accession to the EAEU would serve as a prelude to joining the World Trade Organization (WTO).
The EAEU organization provides for the free movement of goods, services, capital and labor, determined by the union’s treaty and international agreements. The member states include Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.