Russian President Vladimir Putin signed a law ratifying a agreement on formation of a free trade zone (FTZ) between Iran and the Eurasian Economic Union (EAEU).

The document was signed on Wednesday to ratify the interim agreement on formation of the FTZ which was signed in Astana on May 17.

The law had already been passed by the two houses of the Russian parliament, i.e. the State Duma and the Federation Council, respectively on November 15 and 23.

The agreement facilitates conditions for trade and economic cooperation between countries. 

Chairman of the Eurasian Economic Council (EEC) board Tigran Sarkisian said the agreement mentions the list of the goods for which mutual customs will decrease.

Sarkisian said the trade between Iran and the EAEU members reached $2.7bn in 2017.

He added the agreement can change into a permanent one after three years.