Free Trade Agreement between Iran and Eurasian Economic Union enters into force

SANAA, May 15 (YPA) – The Comprehensive Free Trade Agreement (CFTA) between the Eurasian Economic Union (EAEU) and Iran entered into force on May 15, the Russian Export Center announced.

With the entry into force of the FTA, almost all goods produced in Russia will enjoy preferential terms when entering the Iranian market.

The agreement opens up new opportunities for trade development, the implementation of joint projects, and the development of trade and economic cooperation, according to a statement issued by the center.

The statement added that in addition to the abolition of customs duties on imports, the parties to the agreement agreed not to apply quantitative restrictions on the import of goods, as well as to simplify and accelerate customs procedures.

Anton Tsitsinovsky, Director of International Cooperation and Export Development at the Russian Export Center, emphasized: “The transition to the free trade regime is a pivotal step towards strengthening long-term trade and economic cooperation between Russia and Iran, in line with the strategic partnership between the two countries. Since 2019, the trade turnover under the interim agreement has doubled, and we have every basis for doubling the volume again and diversifying it.”

It is noteworthy that the FTA between the Eurasian Economic Union and Iran was signed in December 2023.