(MENAFN) Andrey Slepnev, the Minister of Trade for the Eurasian Economic Union (EAEU), emphasized the strategic significance of the free trade agreement between the EAEU and Iran. In an interview with Izvestiia on Friday, Slepnev highlighted Iran's key role as a primary partner on the EAEU's southern borders and its pivotal position in the International North-South Transport Corridor (INST). He noted that Iran's achievements in import substitution, technological development, and resilience against sanctions have further strengthened its position as an essential economic partner for the EAEU.

Regarding the status of the free trade agreement, which was signed a year ago, Slepnev revealed that the ratification process has been completed in four of the EAEU's member states. He expressed hope that the agreement would be finalized at the upcoming EAEU leaders' summit in Saint Petersburg at the end of December 2024, allowing it to take effect at the start of the new year. This agreement is expected to boost trade relations between Iran and the EAEU member countries, fostering deeper economic ties.

Slepnev also discussed the shift in the EAEU's trade priorities, noting that by the end of 2024, 75 percent of the union's trade will be conducted with countries in the southern region. This marks a significant departure from the previous focus on Western countries. "We have reoriented our trade focus from Western countries to the south," he said, reflecting a strategic pivot in the bloc's economic relations. In the past, the European Union accounted for over 40 percent of the EAEU’s trade, while the Global South comprised less than half. However, this share has now diminished by about 2.5 times, with trade with the Global South growing steadily.

Supporting this shift, Mohammad-Ali Dehghan Dehnavi, head of Iran's Trade Promotion Organization (TPO), highlighted the success of Iran’s trade policy. He noted that since Iran signed a preferential trade agreement with the EAEU four years ago, exports to Eurasian countries have increased by 2.5 times. This growth underscores the effectiveness of the agreement and the growing economic ties between Iran and the EAEU, further reinforcing Iran's position as a critical partner in the region.

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