Iran Granted Observer Status at Eurasian Economic Union

Iran has officially been granted observer status at the Eurasian Economic Union (EAEU), a decision made during the EAEU summit.

Alongside Iran, Cuba and Uzbekistan also hold observer status with the union, The Caspian Post reports, citing TASS.

The core EAEU members, known as the “Eurasian Five,” include Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan.

"Iran is now an observer state at our union," stated Bakytzhan Sagintayev, Chairman of the Board of the Eurasian Economic Commission (EEC), to journalists.

The decision comes as trade turnover between EAEU member states and Iran saw a 12.8 percent increase in the first 10 months of 2024. Exports to Iran rose by 16 percent, while imports grew by 8 percent. A full-fledged free trade agreement is expected to take effect in 2025, offering a duty-free regime for 90 percent of goods traded between the EAEU and Iran.