Iran ratifies free trade agreement with Eurasian Economic Union

The Iranian parliament has formally ratified a free trade agreement with the Eurasian Economic Union (EAEU), paving the way for the implementation of the deal aimed at enhancing economic ties with the regional bloc. This is reported by Press TV, a partner of TV BRICS.

Iranian Parliament Speaker Mohammad Bagher Ghalibaf issued an official notification to President Masoud Pezeshkian, confirming the legislative approval of the agreement. The ratification follows a parliamentary vote on 4 February and subsequent endorsement by the Guardian Council on 2 March.

Under the terms of the agreement, Iran will benefit from tariff-free exports on approximately 87 per cent of its trade with the EAEU member states.

According to the officials, EAEU member states have already completed their respective parliamentary approvals, clearing the way for the new trade regulations to be enforced.

The deal encompasses around 500 goods and commodities, providing Iran with expanded opportunities to strengthen its position in regional markets. Analysts expect the agreement to enhance economic growth and facilitate increased trade flows between Iran and EAEU nations.

Additionally, Iran has taken further steps to integrate with the bloc. On 26 December, during an EAEU Supreme Council meeting in St. Petersburg, Russia, Iran signed an agreement to become an observer member of the union, signalling a broader commitment to economic collaboration with Eurasian partners.

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