Bakytzhan Sagintaev: “The new format of interaction between the EAEU countries and Iran opens up additional opportunities for all process participants”

Bakytzhan Sagintaev, Chairman of the Board of the Eurasian Economic Commission, held a meeting with Kazem Jalali, Ambassador Extraordinary and Plenipotentiary of the Islamic Republic of Iran to the Russian Federation, on May 27 at the EEC headquarters.

At the start of the negotiations, the Chairman of the EEC Board expressed his sincere condolences to the negotiation partner in connection with the tragic death of the members of the government delegation headed by the President of Iran Ebrahim Raisi.

During the meeting there was a thorough exchange of views on relevant matters of the Eurasian integration, including the priorities of the Union's international activities.

One of the most important among them is interaction with Iran in accordance with the new Agreement signed in December 2023. According to the document, trade between the EAEU and Iran will be duty-free for 90% of goods.

“I am confident that the new Agreement will create additional conditions for increasing trade turnover, and diversifying trade and cooperation relations. As a result, trade between the EAEU countries and Iran will reach a whole new level”, Bakytzhan Sagintaev emphasized.

Nowadays, the full-fledged Free Trade Agreement between the EAEU countries and Iran goes through the ratification procedures.

The parties also discussed the prospects for sectoral cooperation, including transport and transit issues, and agreed to intensify business contacts through forums, exhibitions, business dialogues and B2B meetings.

The Chairman of the EEC Board invited the Iranian colleagues to participate this autumn in the EAEU main business event – the Eurasian Economic Forum in Yerevan.

Over the past five years of the Interim Trade Agreement, trade turnover between the EAEU and Iran has more than doubled, from 2.4 bln dollars in 2019 to 5.2 bln dollars in 2023. The positive trends in trade development will continue in 2024.