BAKU, Azerbaijan, October 1. Efforts are underway to expedite the implementation of free trade between Iran and the Eurasian Economic Union (EAEU), Trend reports.
Iran's Minister of Industry, Mining, and Trade, Mohammad Atabek, and Eurasian Economic Union (EAEU) Trade Minister Andrey Slepnev discussed the implementation during a meeting in Yerevan.
The discussions focused on standardization, the provision of insurance services for companies from both sides, and the issuance of bank guarantees.
Minister Slepnev noted that trade turnover between the EAEU and Iran could reach $12 billion soon.
The free trade agreement between Iran and the Eurasian Economic Union was signed on the abolition of customs duties on 87 percent of the products exchanged in the trade cycle.
During the 5 months of the current Iranian year (March 20 - August 21, 2024), the trade turnover between Iran and the member countries of the Eurasian Economic Union amounted to 6.1 million tons worth $2.35 billion.