The trade volume between Iran and the Eurasian Economic Union (EAEU) rose by 22% in the first year of the free trade agreement. Officials announced that the majority of transactions are now conducted under zero-tariff conditions.
Assessment of the First Year of the Agreement
Speaking at an evaluation meeting on the first year of the agreement at the Iran Trade Promotion Organization, Elham Karimi, Director General of Trade Agreements and International Organizations, stated that the free trade arrangement came into effect following the experience gained during the preferential trade agreement period and a series of negotiation rounds.
Karimi described the agreement as one of Iran’s most comprehensive trade regulations, consisting of 11 sections. According to her, the arrangement covers not only customs tariffs but also customs cooperation, standards, rules of origin, trade facilitation, and sectoral cooperation.
Expansion of Zero-Tariff Coverage
Karimi noted that only 13% of products fall outside the scope of the agreement. She said that 87% of tariff lines between Iran and EAEU member countries have had import and export taxes reduced to zero, which has supported the increase in trade volume.
The official added that bilateral trade grew by 22% in the first year of implementation, while Iran’s imports from EAEU member countries increased by 33% during the same period.
Expectations for Further Export Growth
Karimi expressed expectations that Iran’s exports will strengthen if regional conditions improve and the full capacity envisaged by the free trade agreement is utilized. Accordingly, she suggested that trade volume between Iran and EAEU member countries could see further growth this year.
The agreement not only expands Iran’s access to neighboring and regional markets but also emphasizes cooperation in areas such as electronic sharing of customs data and joint trade practices. Trade circles regard the expansion of zero-tariff coverage as a key factor accelerating bilateral economic relations.
