EAEU-Iran Free Trade Agreement Officially Begins Operation
Kicking off a profitable trade expansion:
STEP IT UP, ASTANA - Here we go! A brand-new, comprehensive Free Trade Agreement (FTA) between the Eurasian Economic Union (EAEU) and Iran is now live. That's right, dust off those goods and get ready to flood the Iranian market! According to the Eurasian Economic Commission (EEC), this change takes effect on May 15, marking a significant move from the interim agreement in place since 2019, with limited commodity coverage[1].
And, to make things even sweeter, the new FTA will open up unique opportunities for EAEU manufacturers looking to tap into the Iranian market[2]. In fact, the average import customs duty on goods exported from the EAEU to Iran will plummet from a hefty 20% down to a more manageable 4.5%[2].
EEC's Minister in charge of Trade Andrey Slepnev shared some insight, stating the first meeting of the Joint Committee is set for the latter half of 2025[2]. During this gathering, discussions surrounding the further development of trade and economic cooperation between the EAEU and Iran will be on the table[2].
The FTA covers an impressive 90% of goods traded between the two parties and includes provisions designed to establish a streamlined, tariff-free trade environment[2][3][5]. Experts predict that this agreement could skyrocket trade turnover between the EAEU and Iran to an astounding $12 billion in the medium term[3]. We're talking nearly double the current levels in trade volume here[3]. Now that's a profit worth chasing!
So, buckle up, manufacturers! With this agreement in place, the opportunity to boost your business and make a big splash in the Iranian market is within reach[5]. It's time to kick it up a notch, trade warriors!
This significant Free Trade Agreement between the EAEU and Iran opening on May 15 promises a decrease in import customs duties for EAEU manufacturers, potentially allowing for growth in the finance sector as profits increase from expanded business operations within the Iranian market. The opportunity to boost industries through increased trade and economic collaboration is a notable prospect for the future.
