Eurasia official calls trade with Iran 'important' to economic bloc

The minister in charge of trade of the Eurasian Economic Commission (EEC) Andrey Slepnev said free trade agreement with Iran is important for the economic bloc.

News ID: 5586

Date: 14 December 2024 - 09:07

TABNAK, Dec 14: The Eurasian Economic Union seeks a free-trade agreement with Iran, a key nation in the North-South Transport Corridor, he said.

Iran has extensive experience in substituting imports and withstanding sanctions while developing its own technologies, he noted.

"The free trade agreement with the Islamic Republic of Iran is important to us because Iran is a key partner on our southern borders and one of the pivotal countries in the North-South Corridor," said Andrei Slepnev.

Slepnev noted that the union is actively expanding its network of free trade agreements, saying the agreement with Iran has now been finalized in four EAEU member states.

Iran’s exports to Eurasian countries have grown by 2.5 times since the country signed a preferential trade agreement with the Eurasian Economic Union (EAEU) four years ago, highlighting the success of its trade policy.

Iran and EAEU also signed a free trade agreement on December 25, 2023, in St. Petersburg, Russia, aiming to eliminate tariff and non-tariff barriers and facilitate economic and trade interactions. Once fully implemented, 87 percent of tariff codes for commercial goods between Iran and EAEU member states will drop to zero.

Under President Masoud Pezeshkian’s administration, Iran has emphasized strengthening ties with Eurasian countries to enhance access to global markets. This strategy has translated into tangible growth, with the latest figures from Iran’s Customs Administration revealing a 16 percent rise in exports to EAEU nations in the first five months of the current Iranian calendar year (March 20–August 20). During this period, the export volume reached 2.2 million metric tons, reflecting a 35 percent year-on-year growth.

Iran also participated in the EAEU's annual meeting held on September 30 and October 1 in Yerevan, Armenia, with a high-level delegation comprising both public and private sector representatives. During the meeting, Iran’s First Vice President Mohammad Reza Aref reiterated the country’s commitment to expanding bilateral and multilateral economic relations with EAEU member states.

The success of the free trade agreement underscores Iran’s strategy to integrate more deeply into the regional economy and strengthen its presence in international markets.