BAKU, Azerbaijan, January 15. The free trade agreement between Iran and the Eurasian Economic Union (EAEU) will lead to the elimination of trade tariffs once it comes into effect, said Seyyed Abbas Araghchi, Iran’s Foreign Minister, Trend reports.
Speaking to Iranian media, Araghchi explained that the agreement has been signed between Iran and the EAEU and recently ratified by the Iranian parliament. The final stage involves approval by Iran’s Constitutional Monitoring Council, with no issues expected in this process.
Araghchi clarified that, under the terms of the agreement, tariffs will be reduced to zero on approximately 900 types of products between Iran and Russia.
The Iranian parliament ratified the free trade agreement with the Eurasian Economic Union on December 22, 2024.
To note, a free trade agreement between Iran and the Eurasian Economic Union was signed in St. Petersburg on December 25, 2023. It is expected that after the recently signed agreement comes into force, trade turnover will reach $18-20 billion within 5-7 years.