Iran, Eurasian Economic Union finalize long-awaited Free Trade Agreement
Yusef Jalali
Press TV, Tehran
Member states of the Eurasian Economic Union are in Tehran to finalize the terms of a strategic free trade deal with Iran. The agreement will ensure zero tariffs for over 7,500 commodities exchanged between Iran and members states of the EEU, namely Russia, Kazakhstan, Kyrgyzstan, Belarus and Armenia.
Iran and the EEU reached an interim Free Trade Agreement back in 2018, based on which more than 860 agricultural commodities were subject to preferential tariffs.
The agreement doubled Iran's exports to the EEU, from roughly 2.5 billion dollars in 2015 to five billion in 2021, giving the country's non-oil exports a boost amid US sanctions.
Formed in 2015, the Eurasian Economic Union tries to facilitate export within its member states as well as other countries. Last year, the five-member bloc traded more than 800 billion dollars worth of goods with the world. Iran is now negotiating its accession to the Union to further tap into the opportunities of the Eurasian market.
Tehran views Eurasia as a gateway to global trade and a chance to counteract US sanctions, which try to cut it off from world markets. Iran now envisages a whopping 15 billion dollar annual trade with the bloc in five years, if it becomes the sixth member of the Eurasian Economic Union.
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