WANA (Dec 27) – Iran Becomes an Observer Member of the Eurasian Economic Union. Today, Iran’s membership was approved at the summit of member states held in St. Petersburg.

 

Background of Negotiations: Talks between Iran and the Eurasian Union began in 2006. In May 2018, a provisional free trade agreement was signed in Astana, Kazakhstan, and it came into effect on October 27, 2019.

 

Development of Cooperation: The initial cooperation agreement was transformed into a permanent free trade agreement in 2023 after three years of implementation and one year of negotiations. This year, it was approved by the parliaments of the five member countries and Iran.

 

Iran Expresses Readiness for Active Role in Eurasian Economic Union

WANA (Oct 01) – Iran’s First Vice President, Mohammad Reza Aref, who traveled to Armenia today (Tuesday) to attend the Eurasian Economic Union (EAEU) summit, stated that “The Islamic Republic of Iran is prepared to offer special facilities to member countries of the Union for establishing commercial logistics centers in the hinterlands of its northern […]

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Implementation Timeline: The new agreement is expected to come into effect in early 2025, after the official completion of ratification procedures. The Eurasian Economic Union is one of the most beneficial regional structures in which Iran is involved.

 

Trade Growth: In the first year of implementing the provisional agreement, Iran’s trade with member states doubled. The permanent agreement is expected to provide an even greater opportunity for Iranian exports in the region.

 

Tariff Reductions: Under the initial agreement, approximately 1,000 goods were subject to preferential tariffs. In the new agreement, around 87% of Iran’s total export items to the union will be subject to tariffs of less than 4%, which will be gradually reduced to zero over 10 years.

 

Market Access: In return, Iran will open its market to the member states. The Eurasian Economic Union, established in 2014, includes Russia, Kazakhstan, Belarus, Armenia, and Kyrgyzstan.