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Iran has ratified the free trade agreement with the Russia-led Eurasian Economic Union (EAEU), Armenian lawmaker from the opposition Prosperous Armenia faction said at Monday’s parliamentary hearings summing up Armenia’s presidency over the organization over the past year.

Mikayel Melkumyan, who heads the National Assembly’s Standing Committee on Regional and Eurasian Integration, said Armenia has led the talks on the issue.

“We hope that we will eventually switch to a final free trade regime after the completion of the three-year term,” the lawmaker said. “Armenia prioritizes relations with Iran, and we have huge reserves of growth here.”

The document marks the first round of the formation of a free trade area between Iran and the EAEU. A provisional agreement is signed for a period of three years, allowing the parties to agree upon the signing of a full free trade agreement. The deal envisages reduction of tariff duties for the Islamic Republic in the amount of up to 75% of the existing customs duties.