BAKU, Azerbaijan, August 21. Iran has applied for observer status in the Eurasian Economic Union, the statement of the press service of the Eurasian Economic Union (EAEU) said, Trend reports.
According to the information, Iran's application was considered at a videoconference chaired by Russia's Minister of Integration and Macroeconomics Sergei Glazev.
However, it is reported that the final decision will go down at the big powwow of the Supreme Eurasian Economic Union.
To note, the free trade agreement between Iran and the Eurasian Economic Union was signed on December 25, 2023, in Russia's St. Petersburg. The agreement mentioned is to be ratified in the parliaments of 6 countries (Iran and ADB member countries). Once the signed agreement comes into force, it is predicted that the trade turnover will reach $18–$20 billion within 5-7 years.