Iran plans to increase annual trade with the Eurasian Economic Union (EAEU) to $10 billion, the country’s official says.

Iran’s Minister of Industry, Mine and Trade, Mohammad Atabak made the remarks in Tehran on Friday.

The total volume of trade between Iran and the member states of the EAEU stands at $3.6 billion, he said.

Investment in Iran is facilitated by Eurasian countries, he said, adding that agreements with Eurasian countries will boost scientific and technological cooperation.

The minister also said that trade agreements with the bloc will decrease tariffs and increase competitiveness.