Mr. Bakytzhan Sagintayev, Chairman of the Board of the Eurasian Economic Commission (EEC), had a working meeting with Mr. Seyed Mohammad Atabak, Minister of Industry, Mines and Trade of the Islamic Republic of Iran, in St. Petersburg. The main topic of discussion was the prospects for deepening trade and economic cooperation and Eurasian integration.

The temporary trade agreement between the EAEU and Iran, which was in effect from 2018 to 2023, led to a significant increase in trade turnover, from $2.7 billion in 2018 to $5.2 billion in 2023. In the first ten months of this year, mutual trade grew by 12.8%, with exports to Iran increasing by 16% and imports by 8%.

The full-fledged Free Trade Agreement signed in December 2023, covering 90% of product lines, opens new opportunities for further growth.

“We expect the agreement to enter into force soon, which will accelerate economic interaction and create more favorable conditions for business,” Bakytzhan Sagintayev said.

At the meeting, the parties paid special attention to promising areas of partnership. Among the priorities: the development of transport and logistics infrastructure, including the transport corridor “North - South”; strengthening cooperation between enterprises of the EAEU and Iran; expansion of cooperation in the oil refining and petrochemical industry; joint projects in the agro-industrial complex.

The Iranian Minister of Industry emphasized the importance of deepening cooperation in key sectors of the economy, noting the potential for the growth of mutual investments.

At the end of the talks, both sides expressed confidence in the successful implementation of the plans outlined, noting that deepening partnership with Iran meets the strategic interests of the EAEU and contributes to strengthening the region's position in the global economic arena.