TEHRAN - Iran’s exports to member states of the Eurasian Economic Union (EAEU) rose by 20 percent in the previous Iranian calendar year (ended on March 19), reaching over $2.0 billion, according to figures released by Iran’s Customs Administration.

The volume of exports to EAEU countries totaled 5.059 million metric tons—up 21 percent compared to the previous year.

Breakdown of exports includes $1.121 billion to Russia, $505 million to Armenia, $278 million to Kazakhstan, $111 million to Kyrgyzstan, and $21 million to Belarus.

Iran also imported 2.174 million metric tons of goods worth $1.51 billion from EAEU member states in the same period. This marks a 39 percent decline in import volume and a 20 percent drop in value compared to the previous year.

On December 25, 2023, Iran and the EAEU signed a comprehensive Free Trade Agreement (FTA) aimed at eliminating tariffs on a significant portion of goods traded between them. The EAEU comprises Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. This agreement builds upon a provisional arrangement from 2018 that led to a notable increase in mutual trade, which grew from $2.4 billion in 2019 to $6.2 billion in 2022. ​

Under the terms of the new FTA, approximately 90 percent of traded goods will benefit from reduced or zero tariffs, encompassing over 95 percent of the current trade volume between Iran and EAEU member states. This development is expected to further enhance trade flows, with projections suggesting that mutual trade could reach $18-20 billion within the next five to seven years. ​

The agreement is set to come into effect on May 15, 2025, following the completion of ratification procedures by all participating countries. Once implemented, the FTA will not only facilitate increased trade but also promote economic integration and cooperation in sectors such as agriculture, industry, and energy between Iran and the EAEU nations.

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