A long-awaited free trade agreement (FTA) has been signed between Iran and the Eurasian Economic Union (EAEU).

According to The Iran Project,The signing ceremony was held in St. Petersburg, Russia, on Monday.

Iran’s Minister of Industry, Mine, and Trade Abbas Aliabadi signed the agreement for the Iranian side with Mikhail Myasnikovich, Chairman of the Eurasian Economic Commission's Board, signing the document on the EAEU side.

Deputy prime ministers of Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan also signed the FTA on behalf of their respected countries which constitute the five member states of the bloc.

The FTA has yet to be ratified by the parliaments of all the six parties to the agreement before it can take effect.  

Under the terms of the agreement, Iran and the five-member bloc will lift tariffs on 87% of the items being exchanged between them.

The rest 13% includes items that each of the six parties consider as sensitive items whose free imports may damage their domestic industry or agriculture.