Trade between Eurasian Economic Union, Iran doubles in five years

Chairman of the Board of the Eurasian Economic Commission (EEC) Bakytzhan Sagintayev held a working meeting with Iran’s Minister of Industry, Mines and Trade Mohammad Atabak in St. Petersburg on 26 December, BelTA learned from the EEC press service.

“The parties exchanged views on topical issues of Eurasian integration and discussed promising areas of cooperation. Bakytzhan Sagintayev emphasized that Iran is one of the important partners of the Eurasian Economic Union. in 2018-2023 when the interim trade agreement between the EAEU states and Iran was in froce, the trade almost doubled. In January-October 2024, it went up by 12.8%, exports to Iran surged by 16%, imports - by 8%,” the EEC said.

To expand mutually beneficial partnership, the EAEU countries and Iran signed a full-fledged free trade agreement in December 2023 establishing duty-free treatment for 90% of goods.

“We expect that the agreement with Iran will enter into force soon. This will allow our countries to more effectively increase trade and economic cooperation in general,” Bakytzhan Sagintayev emphasized. “Dialogue with Iran has the potential for development in a number of areas”.

The parties agreed that the most promising areas of interaction are transportation and logistics infrastructure, agriculture, oil refining and petrochemical industries, R&D and cooperation between enterprises.