Iran may gain observer status in Eurasian Economic Union soon

Member of the Board - Minister in Charge of Industry and Agriculture of the Eurasian Economic Commission Gohar Barseghyan has said that a decision to grant Iran observer status in the Eurasian Economic Union (EAEU) could be made soon.

"We have signed a free trade agreement with the Islamic Republic of Iran. We received a request from our Iranian partners to obtain observer status within the union. The application is currently under review by the union's bodies. We hope that our heads of state will make a decision soon, allowing Iran to gain observer status in the EAEU," she said at a press conference, Caliber.Az reports via Russian media.

"I believe that granting this status will provide new momentum for cooperation with our Iranian partners, as we have significant potential for collaboration," Barseghyan added.

The Eurasian Economic Union is an international organisation for regional economic integration. It has international legal personality and is established by the Treaty on the Eurasian Economic Union. The EAEU provides for free movement of goods, services, capital and labor, pursues coordinated, harmonized and single policy in the sectors determined by the Treaty and international agreements within the Union. 

The Member-States of the Eurasian Economic Union are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic and the Russian Federation. The Union is being created to comprehensively upgrade, raise the competitiveness of and cooperation between the national economies, and to promote stable development to raise the living standards of the nations of the Member-States.

By Caliber.Az