President Alexander Lukashenko of Belarus has signed into law the ratification of a free trade agreement between the Eurasian Economic Union (EAEU) and Iran. The legislation, passed by the Belarusian Parliament in late June, was published on the National Legal Internet Portal.
The agreement, signed in St. Petersburg on December 25, 2023, is anticipated to boost Belarusian exports to Iran by eliminating duties, thereby enhancing access to the Iranian market. In 2022, trade turnover between Belarus and Iran was approximately $100 million, with a 40% increase observed in 2023.
Following the agreement’s signing, Russian President Vladimir Putin remarked on the significant reduction in non-tariff barriers and the expected enhancement of commercial cooperation between the businesses of Russia and Iran. The Russian Ministry of Economic Development elaborated that Tehran would offer tariff preferences for over 95% of current Russian exports and establish a more predictable and transparent trading regime.
The Eurasian Economic Commission has projected that the creation of a free trade zone with Iran could potentially raise the annual trade volume between EAEU countries and Iran to $18-20 billion within the next 5-7 years.
GSV "Russia - Islamic World"
Photo: natanaelginting/Freepik
Based on TASS materials