TEHRAN – Iran's embassy in Moscow reported that the free trade agreement between Iran and the Eurasian Economic Union (EAEU) will come into effect in 60 days.

According to the report, Iranian Ambassador to Russia Kazem Jalali officially confirmed the approval of the agreement in a telephone conversation with Andrei Slepnev, the EAEU's trade minister. The formal conclusion of the legal procedures for the free trade agreement between Iran and the EAEU member countries was announced by Jalali as the agreement progresses through all signatory nations.

The two sides expressed their satisfaction with the upcoming implementation of the agreement, calling it a key factor in boosting trade exchanges in the region.

The Iranian embassy added that under the terms of the agreement, the free trade agreement between Iran and EAEU member states will be enforceable 60 days after all participating countries have completed their legal processes. Signed in December 2023 in St. Petersburg, the agreement will exempt 87 percent of trade goods between Iran and the EEU member countries from customs tariffs.

The free trade agreement between Iran and the Eurasian Economic Union is a significant milestone in the region’s economic integration. The EEU, which comprises Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia, represents a strategic bloc that spans a vast geographical area and includes some of the largest markets in the post-Soviet space. For Iran, the deal opens up opportunities for enhanced access to these markets, which are especially vital amid ongoing economic challenges and sanctions.

The agreement aims to improve bilateral trade and strengthen economic ties by reducing tariffs and easing trade barriers. With 87 percent of traded goods now exempt from tariffs, Iranian businesses are expected to benefit from reduced export costs, particularly in sectors such as agriculture, industrial goods, and energy. Similarly, EAEU countries will gain easier access to Iran's markets, known for its growing demand in various sectors, including construction materials, consumer goods, and energy resources.

Additionally, the free trade agreement is likely to have a broader geopolitical impact. It signals closer economic ties between Iran and the Eurasian region, aligning Iran with its broader foreign policy goals of diversifying economic partnerships outside of Western spheres. This agreement strengthens Iran's position in the region, especially as it looks to integrate more deeply into the global economy despite the pressures of sanctions and diplomatic isolation.

In related news, Iran's exports to EAEU member states have increased by 22 percent, according to recent figures. Furthermore, the agreement will enable zero-tariff trade with five countries in the Eurasian region.

On March 3, 2025, The spokesman for the Iranian Guardian Council, confirmed that the free trade agreement between Iran and the EAEU had been reviewed by the council and found to be in compliance with Islamic principles and the Constitution. The agreement was initially approved by the Iranian parliament in December 2023, after addressing earlier objections raised by the Guardian Council.

The Eurasian Economic Union is an intergovernmental economic union comprising Belarus, Kazakhstan, Russia, Kyrgyzstan, and Armenia, with observer members including Iran, Uzbekistan, Moldova, and Cuba.

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