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Iran Ratifies Free Trade Zone Agreement with the EAEU
The Iranian Parliament has approved an agreement to establish a free trade zone (FTZ) with the Eurasian Economic Union (EAEU). The implementation of the agreement is scheduled for late March – April 2025.
On February 28, 2025, Iran’s Parliament officially ratified the free trade zone (FTZ) agreement with the Eurasian Economic Union (EAEU). Iran’s Minister of Industry, Mines, and Trade, Mohammad Atabak, announced that the agreement will be implemented between late March and April of this year.
The agreement provides for reduced or eliminated tariffs on a wide range of goods, allowing Iran to export up to 87% of its national products to EAEU member states without tax burdens. In return, the Iranian market will become more accessible to goods from Russia, Kazakhstan, Belarus, Armenia, and Kyrgyzstan.
Negotiations on creating the FTZ between Iran and the EAEU began in 2016. In 2018, a temporary agreement was signed, leading to the establishment of a free trade zone, which significantly increased trade turnover between the parties. The full-scale agreement, now ratified by Iran’s Parliament, represents the logical continuation of this process and will further strengthen economic ties between Iran and the EAEU countries.
In December 2024, Iran was granted observer status in the EAEU, highlighting Tehran’s commitment to integrating into the Eurasian economic space. The implementation of the FTZ agreement will provide Iranian producers access to a market of approximately 240 million people, creating new export opportunities and attracting investments.
Russia’s Deputy Prime Minister Alexei Overchuk previously noted that Iran was finalizing the ratification process for the FTZ agreement with the EAEU, expressing confidence that its implementation would boost mutual trade and economic cooperation between the countries.
Experts predict that the free trade zone agreement between Iran and the EAEU will lead to increased trade turnover, diversification of exports and imports, and enhanced cooperation across various sectors. Additionally, it will help Iran reduce its dependence on specific markets and strengthen its position in the global economy.
The agreement is also expected to facilitate the development of transport infrastructure and logistics chains between Iran and EAEU countries, easing the movement of goods and services and enhancing competitiveness in both regional and global markets.
Overall, the ratification and upcoming implementation of the FTZ agreement between Iran and the EAEU mark significant steps toward deepening economic integration and cooperation in the Eurasian region, offering mutual benefits for all parties involved.
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