Iran, Eurasian trade volume to reach US$12 bln soon, says Eurasia official

Andrey Slepnev, Minister in charge of Trade of the Eurasian Economic Commission said the volume of trade between Iran and economic bloc is expected to reach US$12 billion in near future.

News ID: 5179

Date: 01 October 2024 - 11:33

TABNAK, Oct, 01: “Given potential, it is possible to increase trade turnover between Iran and the Eurasia to US$12 billion in near future,” he made the remarks on the sidelines of the third Eurasian Economic Forum running on September 30 to October 1, 2024, in Yerevan.

Iranian Minister of Industry, Mine and Trade Mohammad Atabak was also present in the forum.

In 2018, Iran and the The Eurasian Economic Union (EAEU or EEU) is an economic union of five post-Soviet states located in Eurasia inked a preferential trade agreement (PTA), which came into effect on October 27, 2019.

The two sides later began negotiations to upgrade the PTA to an FTA after the success of the former.

In late December 2023, Iran and the EAEU signed a free trade agreement, which is currently under consideration by Iran’s Parliament and requires ratification from the parliaments of all six participating countries before it can be implemented.

The agreement stipulates that tariffs will be lifted on 87% of the exchanged items, while the remaining 13% consists of sensitive products that each party deems necessary to protect their domestic industries or agriculture.

The Eurasian Economic Union was established in 2015 at the initiative taken by Russian Federation, Kazakhstan, and Belarus. Afterward, the Republic of Armenia and Kyrgyzstan joined the Union.