The signing took place on the sidelines of a meeting of the Supreme Eurasian Economic Council in Russia's St. Petersburg. The agreement was signed by the chairman of the board of the Eurasian Economic Commission (EEC), Mikhail Myasnikovich, Russian Deputy Prime Minister Alexei Overchuk and Iranian Minister of Industry, Mine and Trade Abbas Aliabadi. The deal was also signed by representatives of Belarus, Armenia, Kazakhstan and Kyrgyzstan.
The temporary agreement on the creation of a free trade zone between the EAEU and Iran was concluded on May 17, 2018 and is in effect from October 27, 2019.