Page 19 - bne_newspaper_June_02_2017

Eurasia
June 2, 2017 www.intellinews.com I Page 19
Russia-led EEU to close Iran free trade deal by end-2017
bne IntelliNews
The Russia-led Eurasian Economic Union (EEU) hopes to close a free-trade deal with Iran by the end of 2017, the Financial Times reported on May 30, citing Kazakh Economy Minister Timur Sulei- menov.
“We believe we can come up with something sub- stantial by the end of the year,” Suleimenov said in reference to the EEU deal with Iran, according to the newspaper. The deal would be an opportu- nity to expand beyond the trade bloc’s market of 183mn people. “We would like to have a frame- work signed then,” Suleimenov added.
The EEU was launched in 2015 on the basis of
a customs union created in 2010 between Rus- sia, Belarus and Kazakhstan. Armenia became a member of the free-trade bloc in January 2015, while Kyrgyzstan joined in August 2015.
The intended EEU deal with Tehran is part of Rus- sia and other member countries’ efforts to deepen
Meeting with President of Iran Hassan Rouhani. Photo: Kremlin.ru
ties with Iran as it opens up in line with the easing of international nuclear sanctions that has been ongoing since the start of last year. Russia and Iran are cooperating on a number of geopolitical issues, including the war in Syria.
Russian President Vladimir Putin and recently re-elected Hassan Rouhani have grown closer
in the past year given their mutual military and diplomatic support of Syrian President Bashar al- Assad and the economic possibilities delivered by Iran moving into the post-sanctions era following the 2015 nuclear deal with major powers.
Tehran is also looking to Moscow to provide something of a shield from the venomous stance taken towards Iran by US President Donald Trump since he came to office in January. Russia and Iran on March 28 made a series of bilateral declarations when Putin hosted Rouhani on his first official visit to Moscow.
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