Iran’s Free Trade Agreement with EEU Set to Take Effect in May

The Free Trade Agreement (FTA) between Iran and the Eurasian Economic Union (EAEU) will take effect on May 15.

The Eurasian Economic Commission made the announcement of the FTA’s implementation on Monday, saying that it anticipates the agreement will boost trade among participating nations to $12 billion, The Caspian Post reports citing foreign media.

The bloc comprises Belarus, Kazakhstan, Russia, Kyrgyzstan, and Armenia, with Iran among the observer states.

The announcement came just days after President Masoud Pezeshkian officially signed the FTA between Iran and the EAEU into law after it was ratified by Parliament on February 4, 2025, and subsequently endorsed by the Guardian Council on March 2.

On Saturday, Pezeshkian had also formally communicated to the Ministry of Industry, Mine and Trade, the Ministry of Economic Affairs and Finance, and the Ministry of Foreign Affairs in order to implement the law.

The FTA aims to eliminate tariffs on over 80% of goods traded between Iran and EAEU member states while planning gradual tariff reductions for sensitive sectors.