BAKU, Azerbaijan, December 30. Iran is one of the key foreign partners of the Eurasian Economic Union (EAEU), the Eurasian Economic Commission said, commenting on Iran's obtaining the status of an observer state under the EAEU on December 26, 2024, Trend reports.
“The Islamic Republic of Iran is one of the key foreign partners of the EAEU. Granting this country observer state status is another step aimed at deepening cooperation,” the commission said.
The EEC (Eurasian Economic Commission) noted that the expansion of the number of observer states to the Union by granting such a status to Iran as one of the largest economies in Eurasia demonstrates the economic attractiveness and effectiveness of Eurasian economic integration.
“The status of an observer state will allow Iran, through the participation of its representative to the EEC in meetings of the Union's bodies, to gain access to open information about the integration agenda. This will contribute to a better awareness of relevant aspects of Eurasian integration, opportunities to work in the single market of the Union, and, as a consequence, building a comprehensive and systematic dialog with the EAEU member states,” the EEC said.
Moreover, it was noted that since 2019, there is an Interim Agreement leading to the formation of a free trade zone between the EAEU member states and Iran, which has demonstrated its effectiveness. In 2023, it was decided to continue cooperation already on the basis of a full-scale free trade agreement. Now this agreement is undergoing ratification in the countries of the Union.
“The decision of official Tehran to acquire the status of an observer state was obviously the result of analyzing the results of practical interaction with the EAEU and assessing the economic effects obtained,” the Commission said.
Furthermore, it was noted that Iran is one of the most important partners of the Union. During the validity of the Temporary Trade Agreement between the EAEU states and Iran from 2018 through 2023, the trade turnover has almost doubled.
“Dialogue of the Union with Iran in the issues of trade and economic cooperation referred to the competence of the Commission, already at the initial stage, can contribute to further increase in the volume of trade in goods and services with the EAEU countries,” the EEC emphasizes.
The Eurasian Economic Union (EAEU or EEU) is an economic alliance including five post-Soviet nations situated in Eurasia. The EAEU possesses a unified integrated market. As of 2023, it comprises 183 million individuals and a gross domestic product over $2.4 trillion. The EAEU promotes the unrestricted flow of goods and services and establishes unified policies in macroeconomics, transportation, industry, agriculture, energy, international trade and investment, customs, technical regulation, competition, and antitrust legislation.
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