The Ministries of Agriculture of Kazakhstan, Russia and Iran have concluded a tripartite memorandum of understanding on the issue of wheat trade, the Eurasian Economic Commission (EEC) reports.

“The agreement on signing the memorandum was one of the results of the negotiations on the Interim Agreement leading to the formation of a free trade zone between the Eurasian Economic Union (EEU) and Iran. The signing ceremony, which took place on February 12 in Moscow, was attended by Veronika Nikishina, member of the board (minister) for trade of the Eurasian Economic Commission (EEC),” the message reads.

According to the information, V. Nikishina expressed the hope that the signing of a memorandum between Russia, Kazakhstan - key suppliers of wheat to the world market - and Iran will be the first step towards the revival of full supply chains of high-quality wheat from the EEU to the market of Iran and the entire region.

“We need to consider this event in the context of preparations for the entry into force of the interim agreement signed in May 2018. The agreement has already been ratified by the Republic of Belarus, the Kyrgyz Republic and the Russian Federation. We are convinced of the promise of cooperation with Iranian partners and are ready to continue the dialogue in various areas of trade and economic cooperation, and therefore we look forward to the completion of the procedures for ratification of the agreement by both the EAEU member countries and Iran, ”V. Nikishina noted.

“The Qazaq Times”