On May 15, 2025, a full-fledged Free Trade Agreement between the Eurasian Economic Union and its Member States, on the one part, and the Islamic Republic of Iran, on the other part, entered into force.
It will replace the interim agreement with restricted commodity coverage, which had been in effect since 2019, and will create unique conditions for manufacturers from EAEU countries to access the Iranian market. Hence, the average rate of import customs duty on goods supplied from the Union to Iran will decrease from 20% to 4.5%.
"As part of implementing the full-fledged agreement, the parties have already started organizing the first meeting of the Joint Committee, scheduled for the second half of 2025, during which it is planned to discuss specific issues of further development of trade and economic cooperation between the Eurasian Economic Union and the Islamic Republic of Iran," mentioned Andrey Slepnev, Minister in charge of Trade of the Eurasian Economic Commission.
The new agreement enshrines mutual obligations of the EAEU and Iran on preferential market access covering 90% of the entire commodity nomenclature. Compared to the interim agreement, the full-fledged agreement has a significantly improved regulatory part aimed at creating a barrier-free trade space between the parties. According to experts, its implementation will make it possible to multiply the trade turnover between the EAEU and Iran, which in the medium term may reach $12 billion.
