BAKU, Azerbaijan, April 7. Free trade between Iran and the member countries of the Eurasian Economic Union (EAEU) will start on May 15, 2025, Mirhadi Seyedi, advisor on international affairs and trade agreements to the Trade Promotion Organization of Iran (TPOI), told reporters, Trend reports.
Seyedi explained that after nearly seven years of negotiations, the free trade agreement between Iran and the EAEU member countries (Russia, Kazakhstan, Kyrgyzstan, Belarus, and Armenia) was approved by the parliaments of the six countries. The agreement was officially announced on March 15, 2025, and will come into effect 60 days after approval by the parliaments.
“This is the first time Iran will engage in free trade under such a comprehensive agreement. Under this deal, 87 percent of the products exported by Iran to EAEU member countries will be exempt from customs duties. This will greatly simplify and accelerate trade between Iran and the union,” he said.
On December 25, 2023, a free trade agreement was signed between Iran and the EAEU in Saint Petersburg, Russia. After the agreement comes into force, it's predicted that trade turnover will reach $18-20 billion within five to seven years.
President of Iran, Masoud Pezeshkian, has announced the law on a free trade agreement between Iran and the Eurasian Economic Union to various circles in Iran for implementation on March 15, 2025.
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