May 14, 2018 - 13:53 AMT
EAEU expected to sign agreements with China, Iran on May 17

The Eurasian Economic Union (EAEU) is expected to sign agreements with China and Iran on May 17 in Astana, Kazakhstan, the press service of the Eurasian Economic Commission (EAEC) said.

A free trade zone will be established between the EAEU and Iran, which provides for the reduction or abolition of import customs duties for a fairly wide range of goods.

With China, agreements on broad-scale and sectoral cooperation have been reached.

On behalf of the Union, the agreements will be signed by EAEC chairman Tigran Sargsyan, with high-ranking representatives of the EAEU member countries, China and Iran set to attend the signing ceremony.

A trade bloc established in 2015, the EAEU was based on the Customs Union of Russia, Kazakhstan, and Belarus. It was later joined by Armenia and Kyrgyzstan. In 2016, Vietnam officially became the first non-regional country to join the bloc. The union is designed to ensure the free movement of goods, services, capital and workers between member countries.