BAKU, Azerbaijan, September 30. Trade relations between Iran and the Eurasian Economic Union (EAEU) are developing rapidly, Iran's Minister of Industry, Mines and Trade, Mohammad Atabak, said at a meeting of the Interstate Council of Prime Ministers of the Eurasian Economic Union, Trend reports.
According to him, with the entry into force in May of the free trade agreement between Iran and the Eurasian Economic Union, Iran is ready to play an active role in the mechanisms of this union and offer new ideas.
Atabak noted that Iran's trade relations with the EAEU member states are developing rapidly. Of course, in Iran's opinion, these relations should be developed to the maximum extent possible.
The Iranian minister noted that the development of cooperation in various fields can contribute to the well-being of the peoples of the region, the strengthening of multilateral relations, and the establishment of lasting peace.
“Undoubtedly, the entry into force of the free trade agreement between Iran and the EAEU should be considered a turning point in Iran's trade and economic relations with the member countries of this union. This important process can create enormous opportunities for national economies and entrepreneurs and contribute to the strengthening of constructive cooperation in the region,” he noted.
On December 25, 2023, a free trade agreement between Iran and the Eurasian Economic Union was signed in St. Petersburg, Russia. It is expected that after the agreement comes into force, trade turnover will reach $18-20 billion within 5-7 years.
On March 15, 2025, Iranian President Masoud Pezeshkian announced the adoption of the law on the free trade agreement between Iran and the Eurasian Economic Union for implementation.
Moreover, on May 15, 2025, the free trade agreement between Iran and the member states of the Eurasian Economic Union entered into force.