BAKU, Azerbaijan, February 12. The Eurasian Economic Union (EAEU) is working on a project to create trade houses of the EAEU in Iran and other potential partner countries, said Andrei Slepnev, trade minister of the Eurasian Economic Commission, Trend reports.
He spoke about this initiative at the international forum “Russia 2030 and the new world economic order: Key factors and the role of business” organized by the Russian Union of Industrialists and Entrepreneurs.
Slepnev said that the EAEU and Iran signed a comprehensive free trade agreement at the end of last year, which opened up new opportunities for accessing the Iranian market. The trade turnover between the EAEU and Iran increased twofold during the interim agreement. This growth is expected to continue after the final agreement comes into effect.
“Our goal is to boost the trade turnover between the EAEU and Iran by $12 billion within the next 3 years. We aim to raise the current annual trade turnover of $6 billion to $18-$20 billion” he said.
On December 25, 2023, a free trade agreement was signed between Iran and the Eurasian Economic Union in St. Petersburg, Russia. The mentioned agreement requires the approval of six countries (Iran and the EAEU members). The trade turnover between Iran and the EAEU would reach $18–$20 billion within 5-7 years after the implementation of the free trade agreement.
Meanwhile, on January 23, 2024, the head of the Trade Promotion Organization of Iran (TPOI), Mehdi Zeighami expressed his hope that the Iranian parliament would ratify the free trade agreement with the Eurasian Economic Union (EAEU) within six months.
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