Source: Zerno.ru (Russia)
The Islamic Republic of Iran has formally informed the Eurasian Economic Commission (EEC) that it has completed the internal processes required for the implementation of a comprehensive Free Trade Agreement. Previously, in January 2025, the EAEU confirmed to Iran that all necessary procedures were finalized, as reported by ElDala.kz, referencing the EEC press service.
EEC Minister for Trade, Andrei Slepnev, stated, “In line with the Agreement’s stipulations, there’s a 60-day period following the exchange of notes verifying the completion of these procedures before the document comes into effect. Consequently, the Agreement will take effect on May 15, 2025.”
The EEC projects that, with the agreement’s execution in the near future, mutual trade could soar to an unprecedented $12 billion, signifying an approximate doubling of current trade levels.
The free trade accord between the EAEU nations and Iran will eliminate import customs duties on over 85% of products, including grain. Upon the Agreement’s enactment, Kazakhstan will be permitted to export up to 3 million tons of wheat and 1.5 million tons of barley to Iran without tariffs. Additionally, Iran will eliminate customs duties on a wide range of products, including corn, buckwheat, chocolate, sunflower oil, steel, fertilizers, and agricultural machinery.