Iran-EAEU Trade Turnover Surges in 2024

Trade turnover between the countries of the Eurasian Economic Union (EAEU) and Iran saw a significant increase of 12.8% in the first ten months of 2024, according to a report by the Eurasian Economic Commission (EEC).

"During the period of validity of the temporary trade agreement between the EAEU states and Iran from 2018 to 2023, trade turnover almost doubled. Over 10 months of 2024, this figure increased by 12.8%, exports of goods to Iran increased by 16%, imports went up by 8%," the document says, The Caspian Post reports, citing TASS.

On Thursday, Chairman of the EEC Board Bakytzhan Sagintayev and Iranian Minister of Trade, Industry and Mineral Resources Mohammad Atabak held a working meeting in St. Petersburg to discuss Eurasian integration, as well as promising areas of cooperation.

"We expect that the agreement with Iran will enter into force in the near future, which will allow our countries to more effectively increase trade turnover and economic cooperation in general," said the head of the EEC Board.

On December 25, 2023, on the sidelines of the meeting of the Supreme Eurasian Economic Council in St. Petersburg, a free trade agreement was signed between the EAEU states and Iran. On June 12, Russian President Vladimir Putin signed a federal law ratifying the agreement. In Iran, the government has approved the relevant law, but the President has not signed it yet.