The free trade agreement between Iran and the Eurasian Economic Union (EEU) will take effect on May 15, 2025, according to Andrey Slepnev, minister in charge of trade at the Eurasian Economic Commission (EEC), the EEU’s executive body.
Slepnev said Tehran has informed the commission that it is ready to join the free trade organization fully.
«Under the terms of the agreement, 60 days are required for the document to take effect. Thus, it will enter into force on May 15, 2025,» he said.
The new free trade agreement will replace the interim agreement between the EEU and Iran, which was adopted in Astana on May 17, 2018. Kazakhstan ratified the agreement on May 7, 2019.
The EEC expects trade turnover with Iran to double to $12 billion. However, sanctions imposed on Iran, currency issues and escalating foreign trade tensions may delay reaching that milestone.
Despite these challenges, trade turnover between the EEU and Iran has already doubled in four years under the interim agreement, reaching $4.1 billion in 2023. By the time the new agreement takes effect, about 90% of goods will be traded between participating states without duties.
The EEU, established in 2015, includes Kazakhstan, Armenia, Belarus, Kyrgyzstan and Russia. In December 2024, Iran received observer status in the organization.
Additionally, the United Arab Emirates is set to sign a free trade agreement with the EEU. It is expected to be finalized in the coming months and adopted in 2025, according to UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi.
