Wedoany.com Report-Mar 19, The Eurasian Economic Commission (EEC) has received official notification from the Islamic Republic of Iran about the completion of domestic procedures required for the entry into force of a full-fledged Free Trade Agreement. Earlier, in January 2025, a notification was sent to the Iranian side about the completion of all procedures in the EAEU.
“In accordance with the provisions of the Agreement, after the exchange of notes confirming the completion of the necessary procedures, a period of 60 days is envisaged for the entry into force of the document. Thus, the Agreement will enter into force on May 15, 2025,” said EEC Minister of Trade Andrey Slepnev.
According to the EEC, the implementation of the agreement will help bring mutual trade turnover to a record $12 billion in the foreseeable future. This means approximately a twofold increase compared to current volumes.
Recall: the free trade agreement between the EAEU countries and Iran provides for the abolition of import customs duties for more than 85% of goods, in particular, grain crops. After the agreement comes into force, Kazakhstan will be able to supply Iran with up to 3 million tons of wheat and 1.5 million tons of barley duty-free. Iran will also abolish customs duties on corn, buckwheat, chocolate, sunflower oil, steel, fertilizers and agricultural machinery.
