The Eurasian Economic Union (EAEU) and Iran signed an agreement on a free trade zone after “lengthy and complicated negotiations”, Deputy Armenian Prime Minister Tigran Avinyan said in a Facebook post on Thursday, May 17.

“I’d like to specifically stress the serious work accomplished by the Armenian side throughout the talks, which is hailed by all our partners,” Avinyan said.

The Deputy Prime Minister expressed confidence that the deal will open new opportunities to Armenian producers to enter the Iranian market, at the same time creating favorable conditions for establishing new production capacities in Armenia.

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.