EAEU Members Complete Procedures For An Iran Free Trade Agreement

The Eurasian Economic Union (EAEU) member states have completed the procedures needed for the entry into effect of the free trade agreement with Iran, the Eurasian Economic Commission (EEC) has stated to Andrei Slepnev, the EEC’s Trade Minister.

Slepnev himself stated that “Currently, the procedures necessary for the entry into force of the free trade agreement between the Eurasian Economic Union and have been finalized in the EAEU. We expect that Iran will finalize them soon.”

Slepnev stressed that in order to realize all the available potential for growth of trade and economic interaction it is important to assist in strengthening contacts between business communities of partner countries, and called on the respective business communities to actively participate in the implementation of the agreement, including within the framework of the emerging mechanisms of interaction, taking into account Iran’s observer status to the EAEU.

“This will make it possible to maximize the potential of the existing agreements,” he said.

The EAEU includes Russia as well as Armenia, Belarus, Kazakhstan and Kyrgyzstan. Trade volumes between these countries and Iran can be expected to rise by about 10-15% on average once the FTA comes into effect. However, there are still some protocols remaining as the EAEU nations and Iran still need to ratify the agreement, which means it may not become effective until later this year or early 2026.