TEHRAN – The value of Iran’s export to the member states of the Eurasian Economic Union (EAEU) increased by 22 percent during the first 10 months of the current Iranian calendar year (March 20, 2024-January 19, 2025), as compared to the same period of time in the past year, according to the spokesperson for the Trade Development Committee of the House of Industry, Mining, and Trade.

Ruhollah Latifi said that Iran exported 4.282 million tons of goods worth $1.631 billion to the mentioned countries during the said 10-month period, indicating also 27 percent growth in terms of weight, year on year.

He named minerals and petroleum derivatives, polyethylene and plastic products, iron products, ceramics and tiles, constructional stones, carpets and rugs, medicines, health products, detergents and cosmetics, and car tires as the major products Iran exported to the EAEU member states in the first 10 months of the present Iranian year.

Russia was the main export destination of Iranian products among the other member states of the union in the mentioned 10-month period, followed by Armenia, Kazakhstan, Kyrgyzstan, and Belarus, the spokesperson for the Trade Development Committee of the House of Industry, Mining, and Trade further announced.

Iran and the member states of Eurasian Economic Union (EAEU), Belarus, Kazakhstan, Kyrgyzstan, Russia, and Armenia, have strengthened their economic ties by signing a comprehensive Free Trade Agreement (FTA).

This agreement, finalized on December 25, 2023, aiming to eliminate customs duties on nearly 90 percent of goods traded between Iran and EAEU member states, significantly enhancing trade flows and economic cooperation.

Iranian former Minister of Industry, Mining and Trade Abbas Aliabadi signed this agreement, which was 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 FTA builds upon a prior interim agreement that had been in place since October 2019, which covered a limited range of 360 commodity items. The new agreement expands this scope considerably, with expectations to boost total trade to $18-20 billion over the next five to seven years.

This development was part of a broader effort by both Iran and the EAEU to enhance regional economic cooperation and reduce trade barriers.

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

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

As stated by Mohammad-Ali Dehghan Dehnavi, the head of Iran’s Trade Promotion Organization (TPO), Iran’s exports to Eurasian countries have grown by 2.5 times since the country signed a preferential trade agreement with the EAEU four years ago.

In an effort to expand economic and trade ties with the EAEU member states, Iran held and Eurasia Exhibition at Tehran’s Permanent International Fairgrounds from February 21 to 24.