TEHRAN- Russian President Vladimir Putin praised a newly signed free trade agreement between Iran and the Eurasian Economic Union (EAEU), lauding Iran's pivotal role as a gateway connecting Eurasian markets with those in West and South Asia.

Speaking at an EAEU summit in St. Petersburg where the agreement was signed on Monday, Putin underscored Iran's economic strength and technological advancements, emphasizing that strengthening ties with Iran would bring immense benefits to both the country and EAEU member states.

He further highlighted that the trade liberalization with Iran would stimulate the development of critical transport routes like the North-South International Corridor, fostering opportunities for scientific and industrial collaboration, as well as facilitating tourist exchanges and delegation visits between the nations.

Expressing optimism, President Putin expressed hope that the parliaments of both Iran and EAEU member states would swiftly ratify the newly established free trade agreement.

The five-member EAEU comprises ex-Soviet states: Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. Under the free trade agreement, Iran and the bloc will eliminate tariffs on 87% of goods traded between them.

This landmark agreement is expected to bolster economic cooperation, enhance trade connectivity, and pave the way for further strategic partnerships between Iran and the EAEU.