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Iranian Minister of Industry, Mining and Trade Abbas Aliabadi signed this agreement, which is the result of more than two years of negotiations and expert work, on behalf of Iran.

On behalf of the EAEU, the deputy prime ministers of the member countries signed the agreement.

The signing ceremony was attended by Iranian Deputy Foreign Minister for Economic Diplomacy Mehdi Safari, EAEU Minister in Charge of Trade Andrey Slepnev, Iran’s Ambassador to Russia Kazem Jalali, and a number of EAEU officials.

After signing, this agreement needs to be approved by the parliaments of six countries (Iran and EAEU five member states) in order to become a law and become operational.

According to the information received by the IRNA reporter in St. Petersburg from the free trade agreement between Iran and the EAEU, the parties will completely eliminate tariffs for 87 percent of goods in their trade exchanges.

In the meantime, each of the parties prepares a negative list that includes goods that are considered sensitive goods for one of the parties and it is not possible to remove the tariff.

Last week, EAEU Minister in Charge of Trade Andrey Slepnev said that Iran will become one of the most important trade partners of the Eurasian Economic Union with the signing of an FTA between the two sides.

He made the remarks in a meeting with Iranian Ambassador to Moscow Kazem Jalali.

He also called the agreement the most important cooperation document between the two sides.

Jalali, for his part, said the free trade agreement is the result of intensive negotiations and the will of the two sides to develop their relations.

In 2018, Iran and the EAEU inked a preferential trade agreement (PTA), which came into effect on October 27, 2019.

The two sides later began negotiations to upgrade the PTA to an FTA after the success of the former.

Back in August, Slepnev said that the EAEU is ready to boost its annual trade with Iran to $30 billion.

The official said the preferential trade agreement between Iran and the EAEU resulted in the trade between the two sides doubling and it is expected that by signing the free trade agreement the trade between the two sides will be doubled once again.

“The signing of the comprehensive agreement between Iran and the Eurasian Union will provide suitable conditions for mutual access to the markets for both sides,” Slepnev said.

“We know very well that the volume of trade with a large country like Iran is still not very high, and therefore, it seems that targeting 30 billion dollars of annual trade is a good way to develop trade between our countries,” he noted,

The Eurasian Economic Union was established in 2015 at the initiative taken by Russian Federation, Kazakhstan, and Belarus. Afterward, the Republic of Armenia and Kyrgyzstan joined the Union.

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According to Ruhollah Latifi, the Islamic Republic exported 2.778 million tons of commodities worth $1.074 to the members of the Eurasian Economic Union in the mentioned eight months, IRIB reported.

Exports to the EAEU also increased by 45 percent in terms of weight, according to Latifi.

Iran and five EAEU members traded 5.168 million tons of goods worth $2.344 billion in the first eight months of the current Iranian year, registering a 33.5 percent rise in weight, and a 14 percent increase in value, year on year, the official said.

Meanwhile, the Islamic Republic imported 2.39 million tons of non-oil goods, valued at $1.27 billion from the EAEU countries, indicating a 22 and 10 percent hike in weight and value, respectively, compared to the same period of last year, he added.

The Russian Federation, Armenia, Kazakhstan, Kyrgyzstan, and Belarus were the top destinations for Iranian goods in the mentioned period, respectively.

According to Latifi, more than 84 percent of the weight and 71 percent of the value of Iran’s imports from Eurasia and 20 percent of the weight and 39 percent of the value of Iran’s exports to this union were related to agricultural, food and livestock products.

Iran and EAEU reached a preferential trade agreement in 2018 based on which about 862 commodity items are currently subject to preferential tariffs.

The agreement came into effect on October 27, 2019.

Back in July, the minister in charge of trade of the Eurasian Economic Commission (EEC) said that the EAEU’s cooperation with Iran is actively expanding in various fields, and trade between the two sides has doubled over the past four years.

Andrey Slepnev also said that trade between the union and the Islamic Republic of Iran rose 22 percent in 2022.

The important thing is that bilateral trade exchanges are balanced, that is, almost as much as the Eurasian Economic Union supplies goods to Iran, Iran also exports goods to the member countries of this union, the official noted.

Emphasizing that the EAEU attaches great value to Iranian goods, the minister in charge of trade of the Eurasian Economic Commission said: “Agricultural products now account for 75 percent of the trade exchanges of this union with Iran.”

“Industrial goods have a special place in the framework of cooperation between the Eurasian Economic Union and Iran, and therefore, we are developing trade exchanges in the field of minerals, industries and chemicals”, he added.

Slepnev further expressed his hope that the trade exchanges of the parties will expand in the field of machinery.

During a meeting between Head of the Islamic Republic of Iran Customs Administration (IRICA) Mohammad Rezvani-Far and Minister in Charge of Customs Cooperation of the Eurasian Economic Commission Eldar Alisherov in Tehran in late April, the two sides explored the ways for increasing customs cooperation to boost the bilateral trade.

During this meeting, Rizvani-Far said: “Although the memorandum of understanding with Eurasia is for three years, the formalities of turning this memorandum into a long-term agreement will be completed soon, and we will follow up on these agreements through approval in Iran’s parliament.”

According to the IRICA head, Iran’s trade with Eurasian countries is 3.3 billion dollars annually, which includes over 1.5 billion dollars of Iran’s exports to Eurasia and more than 1.7 billion dollars of imports from Eurasia.

He also said: “After the agreement and facilitation, our trade exchanges with this union increased by 32 percent in the previous year, and we have set a target in the customs that the figure will increase from 3.3 billion dollars to 10 billion dollars. I think it is quite possible.”

“In the goods transit sector, our trade volume was 1.8 million tons, of which more than one million tons of goods were transited from Eurasia through Iran, and over 700,000 tons of goods were transited from Iran to Eurasia”, the official further announced.

Minister in charge of Customs Cooperation of the Eurasian Economic Commission, for his part called the meeting with the IRICA head a success and said: “We hope that our three-year temporary agreement with Iran will turn into a long-term agreement in the future and more privileges will be considered between this union and Iran.”

He expressed hope that the trade exchanges between Iran and this union be doubled and a trade agreement between the two sides be arranged as soon as possible.

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Speaking in a press conference held prior to the second EAEU exclusive exhibition on Tuesday, Mohammad-Sadegh Ghannadzadeh said: “Currently, Iran and Eurasia have reached an understanding on the text and list of goods for free trade, and soon in Russia, five EAEU member countries and Iran will sign the agreement, and if approved by the parliament, the FTA will be implemented next year.”

“Based on the FTA, 87 percent of goods will be exchanged between Iran and Eurasia with zero tariffs. But there is always a negative list in free trade agreements. In this agreement, 13 percent of our goods are either on the import ban list or their import tariff will not be

zero,” he explained.

Iran and EAEU reached a preferential trade agreement (PTA) in 2018 based on which about 862 commodity items are currently subject to preferential tariffs. The agreement came into effect on October 27, 2019.

Following the positive impact of the PTA on the trade exchanges between the two sides, Iran and EAEU started negotiating to upgrade the PTA to an FTA.

Back in July, the minister in charge of trade of the Eurasian Economic Commission (EEC) said that the EAEU’s cooperation with Iran is actively expanding in various fields, and trade between the two sides has doubled over the past four years.

Andrey Slepnev also said that trade between the union and the Islamic Republic of Iran rose 22 percent in 2022.

The second EAEU exclusive exhibition, which is a platform to showcase the capabilities of the EAEU members and their Iranian counterparts, is scheduled to be held in Tehran from December 4-7.

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In this timespan, Iran exported 2.414 million tons of products valued at nearly $922 million to EAEU member states, registering a 48 and 22 percent growth in weight and value, respectively, compared to last year’s corresponding period, Omid Golzari stated.

Meanwhile, the Islamic Republic imported 5.696 million tons of non-oil goods, valued at $3.336 billion from the EAEU countries, indicating a 37 and 31 percent hike in weight and value, respectively, compared to the same period of last year, he added.

In total, more than eight million tons of goods, valued at over $4.2 billion, were exchanged between Iran and the five EAEU member states from March 21 to October 22, 2023, the official said.

Most of Iran’s exports to the EAEU were sent to the Russian Federation and the Republic of Kyrgyzstan, registering a 30 and 20 percent growth respectively compared to the last year’s corresponding period, according to Golzari.

In this period, Iran exported over $532 million and more than $40 million worth of goods to Russia and Kyrgyzstan respectively, the official further announced.

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“This exhibition will be held from December 4 to 7, with the presence of officials from the member countries of the Eurasian Economic Union and some member countries of Shanghai Cooperation Organization and the Persian Gulf Cooperation Council at Tehran Permanent International Fairgrounds,” Mehdi Zeyghami said on Monday.

He noted that the exhibition is going to cover a variety of areas including industry, mining, and agriculture, and several specialized conferences are also scheduled to be held on the sidelines of the exhibition.

Iran and EAEU reached a preferential trade agreement in 2018 based on which about 862 commodity items are currently subject to preferential tariffs.

The agreement came into effect on October 27, 2019.

Back in July, the minister in charge of trade of the Eurasian Economic Commission (EEC) said that the EAEU’s cooperation with Iran is actively expanding in various fields, and trade between the two sides has doubled over the past four years.

Andrey Slepnev also said that trade between the union and the Islamic Republic of Iran rose 22 percent in 2022.

The important thing is that bilateral trade exchanges are balanced, that is, almost as much as the Eurasian Economic Union supplies goods to Iran, Iran also exports goods to the member countries of this union, the official noted.

Emphasizing that the EAEU attaches great value to Iranian goods, the minister in charge of trade of the Eurasian Economic Commission said: “Agricultural products now account for 75 percent of the trade exchanges of this union with Iran.”

“Industrial goods have a special place in the framework of cooperation between the Eurasian Economic Union and Iran, and therefore, we are developing trade exchanges in the field of minerals, industries and chemicals”, he added.

Slepnev further expressed his hope that the trade exchanges of the parties will expand in the field of machinery.

During a meeting between Head of the Islamic Republic of Iran Customs Administration (IRICA) Mohammad Rezvani-Far and Minister in Charge of Customs Cooperation of the Eurasian Economic Commission Eldar Alisherov in Tehran in late April, the two sides explored the ways for increasing customs cooperation to boost the bilateral trade.

During this meeting, Rizvani-Far said: “Although the memorandum of understanding with Eurasia is for three years, the formalities of turning this memorandum into a long-term agreement will be completed soon, and we will follow up on these agreements through approval in Iran’s parliament.”

According to the IRICA head, Iran’s trade with Eurasian countries is 3.3 billion dollars annually, which includes over 1.5 billion dollars of Iran’s exports to Eurasia and more than 1.7 billion dollars of imports from Eurasia.

He also said: “After the agreement and facilitation, our trade exchanges with this union increased by 32 percent in the previous year, and we have set a target in the customs that the figure will increase from 3.3 billion dollars to 10 billion dollars. I think it is quite possible.”

“In the goods transit sector, our trade volume was 1.8 million tons, of which more than one million tons of goods were transited from Eurasia through Iran, and over 700,000 tons of goods were transited from Iran to Eurasia”, the official further announced.

Minister in charge of Customs Cooperation of the Eurasian Economic Commission, for his part called the meeting with the IRICA head a success and said: “We hope that our three-year temporary agreement with Iran will turn into a long-term agreement in the future and more privileges will be considered between this union and Iran.”

He expressed hope that the trade exchanges between Iran and this union be doubled and a trade agreement between the two sides be arranged as soon as possible.

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During this meeting, Rizvani-Far said: “Although the memorandum of understanding with Eurasia is for three years, the formalities of turning this memorandum into a long-term agreement will be completed soon, and we will follow up on these agreements through approval in Iran’s parliament.”

According to the IRICA head, Iran’s trade with Eurasian countries is 3.3 billion dollars annually, which includes over 1.5 billion dollars of Iran’s exports to Eurasia and more than 1.7 billion dollars of imports from Eurasia.

He also said: “After the agreement and facilitation, our trade exchanges with this union increased by 32 percent in the previous year, and we have set a target in the customs that the figure will increase from 3.3 billion dollars to 10 billion dollars. I think it is quite possible.”

“In the goods transit sector, our trade volume was 1.8 million tons, of which more than one million tons of goods were transited from Eurasia through Iran, and over 700,000 tons of goods were transited from Iran to Eurasia”, the official further announced.

Minister in charge of Customs Cooperation of the Eurasian Economic Commission, for his part called the meeting with the IRICA head a success and said: “We hope that our three-year temporary agreement with Iran will turn into a long-term agreement in the future and more privileges will be considered between this union and Iran.”

He expressed hope that the trade exchanges between Iran and this union be doubled and a trade agreement between the two sides be arranged as soon as possible.

In mid-January, the head of Iran’s Trade Promotion Organization (TPO) said the long-awaited free trade agreement (FTA) between the Islamic Republic and the Eurasian Economic Union (EAEU) is going to be put in effect by mid-Iranian calendar year 1402 (late September).

Alireza Peyman-Pak made the remarks after a meeting with Minister in charge of Trade of the Eurasian Economic Commission Andrey Slepnev in Tehran.

“In the last two and a half years, more than 30 rounds of negotiations have been held with the representatives of five member countries of the Eurasian Union, and thank God, we reached a final agreement in this round,” the TPO head said.

According to Peyman-Pak, during the meeting, the two sides concluded their negotiations and the draft of the agreement was finalized.

The official noted that the list of the commodities to be included in the FTA has been also finalized, saying: “The two sides made the final talks today, according to which 90 percent of the items were put on the green trade list with the rest 10 percent enlisted as forbidden items.”

He noted that the FTA will have a significant positive effect on the volume of trade between the two sides.

In the meantime, the EAEU trade minister said that the five members of this union attach special significance to cooperation with Iran.

Slepnev said that Iran is a close ally of Russia and other EAEU member countries. He also believed that the preferential trade agreement between the two sides led to an expansion of economic cooperation with Iran.

Despite all the restrictions caused by the outbreak of the coronavirus disease, EAEU’s trade with Iran has grown by 20 percent over the past year, the official said.

Iran and EAEU reached a preferential trade agreement in 2018 based on which about 862 commodity items are currently subject to preferential tariffs.

The agreement came into effect on October 27, 2019.

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Speaking to ILNA, Peyman-Pak pointed to the details of Iran’s free trade agreement (FTA) with EAEU and said that 90% of the goods are in the green line and tariffs of these goods which are around 8,000 items is also zero and tariffs are levied on only 10% of the goods as usual.

He added that Russians levied more tariffs on Iranian goods, adding that in the past year different sections of the Ministry of Industry, Mine and Trade held several specialized meeting and the ministry tried to involve the private sector in this field.

Emphasizing the role playing of Iran in small industries of Eurasia, he said that Iran can take advantage of strong points of these countries like in iron ore, coke and basic goods.

Peyman-Pak went on to say that Eurasian member states import some $500b of goods annually and Iran has advantages in all fields which are required by Eurasian states, and on the whole a good market is ahead of Iranians and Iran can provided required raw materials with good prices from those countries in the sanctions era.

He noted that the free trade agreement has been signed by the ministries of EAEU states and it needs approval of their governments and parliaments and it will then come into effect in September 2023.

Meanwhile deputy head of Iran-Russia Joint Chamber of Commerce Mr. Kambiz Mirkarimi pointed to the agreement between Iran and EAEU and said that Iran can compete in the Eurasian markets because tariffs for 90% of goods are almost zero and it reduces the cost of trade for Iranians.

He went on to say that it is expected the trade volume between Iran and Russia to reach $5b by the yearend (mid-March) and this is possible the trade volume to hit $10b in 3 to 4 years provided that there will be no disrupt in the current trend of trade between the two states.

He then pointed to the necessity of developing infrastructures of transportation in Iran and said that if Iran wants to broaden trade in the region, it should provide facilities for developing transportation and it needs more investment in this field.

Mirkarimi added that in 2019, the trade volume between Iran and Russia was around $270m but with gradual tariff, Iran experienced 61% growth in exports in 2020 and it reached $473m and even the pandemic was unable to stop this growth and expressed hope by the year end a new record would be registered in trade between Iran and Russia.

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