BAKU, Azerbaijan, October 17. It is expected that the free trade agreement between Iran and the Eurasian Economic Union will be ratified in the Iranian parliament soon, the deputy chairman of the Trade Promotion Organization of Iran, Mohammad-Sadegh Ghanadzadeh told the local media, Trend reports.
According to him, the pending agreement is now under consideration in the Iranian parliament and is expected to be signed by January 2025.
Gannadzadeh added that member countries of the Eurasian Economic Union import $400 billion worth of products annually. Once the mentioned agreement comes into force, 87 percent of goods exchanged between Iran and EEU member states will be freely traded.
The official noted that the economies of Iran and EEU member states complement each other. Iran's imports from the member countries of the union are mainly essential products (various types of grains and animal feed). Iran's exports to the EU member states are mainly value-added products.
He stated that Iran intends to focus on the development of relations with the Eurasian Economic Union, such as logistics, development of transportation means, equipping ports with various equipment, application of customs standards, and so on.
To note, a free trade agreement between Iran and the Eurasian Economic Union was signed on December 25, 2023, in Russia's St. Petersburg, Russia. The aforementioned agreement is to be ratified by the parliaments of six countries (Iran and EEU member states). It is expected that after the recently signed agreement comes into force, the trade turnover will reach $18-20 billion within 5 to 7 years.