The Eurasian Economic Commission has received official notification from the Islamic Republic of Iran on the completion of all domestic procedures necessary for the entry into force of a full-fledged Free Trade Agreement between the Eurasian Economic Union (EAEU) and Iran. The EAEU had previously sent a similar notification to the Iranian side in January 2025.

“In accordance with the provisions of the Agreement, after the exchange of notes confirming the completion of the necessary procedures, a 60-day period is provided for its entry into force. Thus, the Agreement will become effective from May 15, 2025,” said EEC Trade Minister Andrei Slepnev.

The implementation of the new agreement will be a significant step in the development of trade and economic relations between the countries and will bring the volume of mutual trade turnover to a record $12 billion, which is almost double the current figures.

The Temporary Agreement on Free Trade Zone between the EAEU and Iran, which covers a limited list of goods, has been in force since 2019. The full-format Agreement, signed on December 25, 2023 in St. Petersburg, establishes duty-free treatment for almost 90% of the commodity nomenclature, which significantly expands cooperation opportunities and opens up new business prospects for both sides.