MOSCOW: Russian President Vladimir Putin has stated that his country supports the plan to extend the Eurasian Economic Union's (EAEU) temporary free trade agreement (FTR) with Iran until a new agreement is concluded.
The Supreme Eurasian Economic Council, the economic bloc's top governing body, held an online meeting on Friday to discuss a full-fledged free trade deal between the EAEU and Iran to replace the current interim pact signed in 2018.
According to reports, the EAEU-Iran trade turnover surged by 73.5 percent to USD5 billion in 2021 as a result of the present deal. "Despite the so-called collective West's conflict, it is clear to all of us that many international partners are becoming increasingly interested in the EAEU's actions." He stated that Russia believes it is acceptable to intensify free trade negotiations with Egypt, begin similar talks with Indonesia, and investigate the potential of a preferential trade pact with the United Arab Emirates.
The EAEU, which was founded in 2015, is a regional union made up of Russia, Kazakhstan, Kyrgyzstan, Belarus, and Armenia that aims to improve the movement of products and services between its members.
Armenian Prime Minister Nikol Pashinyan, Belarusian President Alexander Lukashenko, Kazakh President Kassym-Jomart Tokayev, Kyrgyz President Sadyr Japarov, and Uzbek President Shavkat Mirziyoyev all participated in the meeting via video link on Friday.