BAKU, Azerbaijan, February 27. The free trade agreement between Iran and the Eurasian Economic Union (EAEU) will come into effect by the end of March or in April, the Iranian Minister of Industry, Minerals and Trade Mohammad Atabek said, Trend reports.
Speaking at the "Support for Consumers' Rights" 23rd National Conference (an annual event organized by the Azerbaijan Consumers Union), Atabek noted that the free trade agreement between Iran and the EAEU has been ratified by member countries and is now nearing the implementation phase following approval by the Iranian parliament.
Atabek noted that international alliances provide manufacturers with competitive opportunities. The EAEU is one of the important economic alliances, which will reduce tariffs on 87 percent of exchanged goods. Additionally, the EAEU, with its population of 240 million, will offer significant opportunities for Iran.
The Iranian minister also emphasized that products manufactured in Iran must meet international standards for export to EAEU member countries.
To note, the Iranian parliament ratified the free trade agreement with the Eurasian Economic Union on December 22, 2024.
A free trade deal was inked between Iran and the Eurasian Economic Union in St. Petersburg, Russia, on December 25, 2023. Following the implementation of the newly inked agreement, trade turnover is anticipated to attain $18-20 billion within five to seven years.
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