Iran-EAEU FTA has to be finalized by January: TPOI official

EghtesadOnline: Presently, the Free Trade Agreement (FTA) between Iran and EAEU member states is expected to be finalized and communicated by the end of January 2025.

Deputy Head of TPOI for Promotion of International Businesses Mohammadsadegh Ghannadzadeh expressed hope that the Free Trade Agreement (FTA) between Iran and member states of the union would be finalized by January 2025.

He put the products imported into the Eurasian Economic Union (EAEU) annually at $400 billion.

Ghannadzadeh went on to say that the economies of Iran and EAEU member states are complementary to each other, adding that Iran's imports from the member countries of the Eurasian Economic Union mostly include inputs and basic goods and Iran’s export of goods to the member states of the union are the goods with high added value.

Developing the transportation fleet and equipping ports should be taken into consideration in order to enhance trade relations with the EAEU member states, he underlined.

The temporary agreement on creation of a free trade zone between the EAEU and Iran was concluded on May 17, 2018 and came into force on October 27, 2019.

On December 25, 2023, the EAEU countries signed a full-scale free trade agreement with Iran. "The agreement officially comes into force from the moment it is ratified by the member states.

The parliaments of the three countries of this union approved this agreement and the Iranian parliament is also going through the stages of its finalization. / Mehr