TEHRAN - Implementation of the free trade agreement between Iran and Eurasian Economic Union (EAEU) was officially notified to customs offices across Iran, IRIB reported on Thursday.

As reported, Islamic Republic of Iran Customs Administration (IRICA) has issued an announcement for all the customs offices across the country to declare the official implementation of the agreement.

The notice also included the list of the 380 commodity items which are subjected to the trade agreement.

The trade agreement between Iran and the Eurasian Economic Union officially came into force on October 27.

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

Meanwhile, Iranian Energy Minister Reza Ardakanian has said that the accession of Iran into EAEU would be a major breakthrough for Iran’s trade as it would allow exports on zero tariffs for 70 products while 503 other items would enjoy lowered duties.

“We can supply our goods and products to their markets through the land borders of the Republic of Armenia as well as sea borders of the Russian Federation and Kazakhstan,” said Ardakanian, making a reference to the countries members to the EAEU which also includes Belarus and Kyrgyzstan.

The Eurasian Economic Union is an economic union of states located in central and northern Asia and Eastern Europe. The Treaty on the Eurasian Economic Union was signed on 29 May 2014 by the leaders of Belarus, Kazakhstan and Russia, and came into force on 1 January 2015.

EF/MA