TEHRAN – Iranian Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) signed a memorandum of understanding (MOU) with the Eurasian Economic Union (EAEU) Business Council, on Wednesday, for mutual cooperation.

The MOU was signed on the sidelines of the Eurasian Week 2019 international exhibition forum in Bishkek, Kyrgyzstan’s Aki Press reported.

ICCIMA Head Gholam-Hossein Shafei signed the document on behalf of Iran, and President of the Kyrgyz Union of Industrialists and Entrepreneurs Danil Ibraev signed the document on behalf of the Eurasian Economic Union Business Council.

Iran signed a trade agreement with the Eurasian Economic Union (EAEU) in late July and the country is expected to become an official member of the union in near future.

In late August, Iran’s Ambassador to Russia Mehdi Sanaei attended a meeting with a senior EAEU official to finalize the agreement on formation of a free trade zone between Iran and the regional union.

A press release from Eurasian Economic commission (EEC) in the same month, also showed that Sanaei and EEC Chief Tigran Sarkisyan had exchanged the documents needed to complete formalities for the deal would come into force in late October.

The Eurasian Economic Union (EAEU) is an economic union of states located in central and northern Asia and Eastern Europe.

EAEU member states, namely Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan have a market of 183 million people and a gross domestic product of over 4 trillion dollars (PPP).

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PHOTO: ICCIMA Head Gholam-Hossein Shafei (R) exchanging signed documents with President of the Kyrgyz Union of Industrialists and Entrepreneurs Danil Ibraev on the sidelines of the Eurasian Week 2019 international exhibition forum in Bishkek, on Wednesday