The full-scale free trade agreement between Iran and the Eurasian Economic Union (EAEU) marks a turning point for regional economic cooperation and opens up vast new opportunities for all participating countries, according to Iranian President Masoud Pezeshkian.
“This agreement creates unprecedented opportunities for the national economies and business communities of the member states,” Pezeshkian stated in a video message to the expanded session of the Supreme Eurasian Economic Council.
He emphasized that mutual trust and cooperation could help turn this moment into a breakthrough for shared development and integration across the region.
To fully realize the agreement’s potential, Pezeshkian called for the development of an independent financial infrastructure and a united stance against external sanctions. He highlighted plans to launch a broad range of joint infrastructure and industrial initiatives, with support from the Eurasian Development Bank.
The full-format free trade agreement between the EAEU (comprising Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia) and Iran came into effect on May 15, 2025. It replaces the temporary agreement signed in 2018 and implemented in 2019.
According to earlier projections from the Eurasian Economic Commission, the new deal is expected to triple mutual trade volumes over the next 5–7 years, potentially reaching $18–20 billion.
GSV "Russia - Islamic World"
Based on materials from TASS