(MENAFN) Iran's exports to Eurasian countries have surged by 2.5 times since it signed a preferential trade agreement with the Eurasian Economic Union (EAEU) four years ago, marking a significant achievement in its trade strategy. Mohammad-Ali Dehghan Dehnavi, head of Iran’s Trade Promotion Organization (TPO), attributed this impressive growth to reduced tariffs resulting from agreements between Iran and the EAEU.

Additionally, Iran and the EAEU signed a free trade agreement on December 25, 2023, in St. Petersburg, Russia, with the goal of eliminating both tariff and non-tariff barriers to trade. Once fully implemented, this agreement will bring 87 percent of tariff codes for commercial goods between Iran and EAEU member states down to zero, further enhancing trade relations.

Under President Masoud Pezeshkian’s administration, Iran has prioritized strengthening economic ties with Eurasian countries, aiming to expand its access to global markets. This approach has led to tangible results, with Iran’s Customs Administration reporting a 16 percent increase in exports to EAEU countries during the first five months of the current Iranian calendar year (March 20–August 20), totaling 2.2 million metric tons. This represents a 35 percent increase compared to the previous year.

Iran also participated in the EAEU's annual meeting in Yerevan, Armenia, held on September 30 and October 1, with a high-level delegation from both the public and private sectors. Iran’s First Vice President Mohammad Reza Aref reaffirmed the country’s commitment to expanding both bilateral and multilateral economic relations with EAEU member states. This success in the free trade agreement highlights Iran’s ongoing efforts to integrate more fully into the regional economy and solidify its position in international markets.

MENAFN02122024000045015839ID1108945025