On December 25, 2023, a landmark Free Trade Agreement (FTA) was signed between the Eurasian Economic Union (EAEU) member states and Iran in St. Petersburg. This agreement, consistent with the laws of the World Trade Organization (WTO), aims to boost trade and cooperation between Iran and EAEU countries.
The agreement, once approved by the Russian government, will facilitate trade by outlining the terms and conditions for commerce between the parties involved. It also incorporates trade laws between EAEU member states to ensure a comprehensive approach to economic cooperation.
This FTA covers a wide range of areas, from mining and mineral activities to energy productivity, research and innovation, pharmaceuticals, telecommunication, and transport infrastructure. It emphasizes collaboration in these sectors to enhance economic development and strengthen ties between Iran and EAEU nations.
As the Russian government highlights, the implementation of this agreement is expected to enhance cooperation and foster growth in various trade and economic sectors, benefiting both Iran and EAEU member states.