12.05.2025, 08:14
The Iranian Foreign Ministry spoke about the advantages of implementing the agreement with the EAEU
Source: OREANDA-NEWS
OREANDA-NEWS The implementation of the agreement between Iran and the EAEU on a free trade zone will boost trade and economic cooperation between Tehran and the member states of the union, Iranian Foreign Ministry spokesman Ismail Bagai told RIA Novosti.
At the end of March, Russian Deputy Prime Minister Alexei Overchuk announced that the Iran-EAEU Free Trade Agreement (FTA) would come into effect on May 15.
"The implementation of this agreement between Iran and the EAEU member states will result in a substantial increase in trade and economic exchanges between Iran and the five countries, and we are committed to utilizing every opportunity to enhance the effectiveness of utilizing the potential of each of these countries," Bagai said ahead of the agreement's implementation. The agreement will take effect on the date of the Eurasian Economic Union.
According to him, the EAEU, which comprises Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan, is of great significance to Iran. It serves as a foundation for strengthening economic and commercial ties between Tehran and its member states.
The agreement between the parties was signed in St. Petersburg on December 25, 2023. Its objective is to facilitate and streamline trade between the EAEU countries and Iran by reducing or eliminating tariff and non-tariff obstacles, and fostering economic and commercial cooperation.
As Overchuk pointed out, the agreement on a free trade zone between the EAEU and Iran will enable Russian businesses to save $300 million annually in duties. It will also open up more than 90% of product categories for trade with Iran and the Russian Federation, creating favorable conditions for trade growth.
The anniversary of the Eurasian Economic Union is observed on May 29. On this date in 2014, the leaders of Russia, Belarus, and Kazakhstan inked the Treaty on the Eurasian Economic Union. The treaty came into effect on January 1, 2015.
At the end of March, Russian Deputy Prime Minister Alexei Overchuk announced that the Iran-EAEU Free Trade Agreement (FTA) would come into effect on May 15.
"The implementation of this agreement between Iran and the EAEU member states will result in a substantial increase in trade and economic exchanges between Iran and the five countries, and we are committed to utilizing every opportunity to enhance the effectiveness of utilizing the potential of each of these countries," Bagai said ahead of the agreement's implementation. The agreement will take effect on the date of the Eurasian Economic Union.
According to him, the EAEU, which comprises Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan, is of great significance to Iran. It serves as a foundation for strengthening economic and commercial ties between Tehran and its member states.
The agreement between the parties was signed in St. Petersburg on December 25, 2023. Its objective is to facilitate and streamline trade between the EAEU countries and Iran by reducing or eliminating tariff and non-tariff obstacles, and fostering economic and commercial cooperation.
As Overchuk pointed out, the agreement on a free trade zone between the EAEU and Iran will enable Russian businesses to save $300 million annually in duties. It will also open up more than 90% of product categories for trade with Iran and the Russian Federation, creating favorable conditions for trade growth.
The anniversary of the Eurasian Economic Union is observed on May 29. On this date in 2014, the leaders of Russia, Belarus, and Kazakhstan inked the Treaty on the Eurasian Economic Union. The treaty came into effect on January 1, 2015.
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