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Urdu Point (12 February 2019)

Russian, Kazakh and Iranian Ministries of Agriculture have signed a trilateral memorandum of understanding on the issue of wheat trade, the Eurasian Economic Commission (EEC) said in a statement on Tuesday.

"The agreement on the signing of the memorandum became one of the results of negotiations on an interim agreement leading to the formation of a free trade zone between the Eurasian Economic Union (EAEU) and Iran," the statement reads.

Veronika Nikishina, the EEC minister for trade, said during the signing ceremony that the memorandum could become a first step toward the revival of full-fledged supply chains of high-quality wheat to both regional and Iranian markets.

The Russian Ministry of Agriculture noted that, according to the memorandum, the parties would work with private and public companies to involve them in procedures of temporary import of wheat into Iran for further processing and export to third countries.

https://www.urdupoint.com/en/business/russia-kazakhstan-iran-sign-memorandum-of-u-550929.html