Iran-EAEU trade grows 22% in first year of free trade agreement

Elham Karimi, Director General of Trade Agreements and International Organizations at the Trade Promotion Organization of Iran (TPOI), announced that trade between Iran and the Eurasian Economic Union (EAEU) increased by 22 percent in the first year of the free trade agreement (FTA). She made the remarks during a meeting reviewing the agreement's first-year performance.

The FTA, which entered into force following the implementation of a Preferential Trade Agreement (PTA) and several rounds of negotiations, is described as one of Iran's most comprehensive trade arrangements. It comprises 11 chapters covering not only tariff reductions but also customs cooperation, standards, rules of origin, trade facilitation, and sectoral cooperation.

Karimi noted that only 13 percent of goods remain outside the scope of the agreement, while import and export tariffs for 87 percent of tariff lines between Iran and EAEU member states have been reduced to zero. This has contributed to higher trade volumes. Specifically, Iran's imports from EAEU member states increased by 33 percent over the same period.

She expressed hope that improved regional conditions and full utilization of the capacities envisioned under the FTA would strengthen Iran's exports and lead to further growth in trade exchanges between Iran and EAEU member states this year.

According to Mehr News Agency, the EAEU includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.