ASTANA – A full-fledged Free Trade Agreement (FTA) between the Eurasian Economic Union (EAEU) and Iran officially came into force on May 15, reported the press service of the Eurasian Economic Commission (EEC).
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It replaces the interim agreement that had been in effect since 2019 and featured restricted commodity coverage. Now the FTA will create unique conditions for EAEU manufacturers to access the Iranian market. Hence, the average rate of import customs duty on goods exported from the EAEU to Iran will decrease from 20% to 4.5%.
“The parties have already started organizing the first meeting of the Joint Committee, scheduled for the second half of 2025, during which it is planned to discuss specific issues of further development of trade and economic cooperation between the EAEU and Iran,” said EEC Minister in charge of Trade Andrey Slepnev.
The FTA covers 90% of goods traded between the EAEU and Iran and includes significantly improved regulatory provisions that aim to create a barrier-free trade environment.
Experts predict this agreement could multiply trade turnover between the EAEU and Iran to $12 billion in the medium term.
