Iran says $10 billion trade with EAEU within reach by March 2025

Head of the Trade Promotion Organization of Iran (TPO) Alireza Peimanpak says that enforcement of a free trade agreement between Iran and the Eurasian Economic Union (EAEU) would make it possible for both sides to increase bilateral trade to more than $10 billion a year by March 2025.

His comments comes shortly after Iran and EAEU signed a free trade agreement which allows zero tariff trade of 90% of commodities between Iran and the bloc.

Referring to the $500 billion market of the EAEU member countries, the official said that Iran can export different industrial, agricultural, and medical goods, as well as pharmaceutical equipment to EAEU and import raw materials and vegetable oil in return.

The free trade agreement between Iran and the EAEU was signed on Thursday by Peimanpak on the Iranian side and EAEU Minister of Trade Andrey Slepnev on the side of the five-member bloc.

Speaking during a press conference on the sidelines of the signing ceremony, Peimanpak, who is also the Deputy Minister of Industry, Mine, and Trade, said that the agreement is expected to become operational by late September after being approved by the IAEA member countries.

The two sides made the final talks today, according to which 90% of the items were put on the green trade list with the rest 10% enlisted as forbidden items, Peimanpak said.