Iran officially receives observer membership in Eurasian Economic Union
Date
12/29/2024 3:20:11 AM
(MENAFN) On Thursday, December 26, 2024, Iran's observer membership in the Eurasian Economic Union (EAEU) was officially confirmed. The agreement was signed by the leaders of the five EAEU member states during a ceremony held in Saint Petersburg, with Iran's Minister of Industry, Mining, and Trade, Seyyed Mohammad Atabak, in attendance. The signing took place at the conclusion of the Supreme Council meeting, during which approximately 17 agreements, including Iran's observer status, were approved. Armenian Prime Minister Nikol Pashinyan, who was presiding over the union in 2024, remotely endorsed the documents via video conference.
In addition to Iran’s observer status, the summit also resulted in the approval of the EAEU-Iran free trade agreement (FTA), which had been negotiated the previous year. This agreement required ratification by both the Iranian Parliament and all EAEU member states, and it is expected to come into effect within two months, following Iran's legislative approval. Under the FTA, tariffs will be eliminated on around 87 percent of Iranian exports to EAEU countries, while exports from EAEU members to Iran will also be exempt from duties.
The implementation of this FTA is set to significantly boost trade between Iran and the EAEU member states, further integrating Iran into the region's economic structure. The agreement is expected to foster increased cooperation in various sectors, as the elimination of tariffs will lower trade costs and facilitate smoother exchanges of goods and services. The move highlights Iran’s growing role as a key economic player in the region.
Russian President Vladimir Putin emphasized the importance of the EAEU in promoting trade and cooperation, describing the union as a self-sufficient center in the emerging multipolar world. With Iran’s new observer status, the EAEU is positioned to strengthen its influence and deepen its economic ties with Iran, which is anticipated to contribute to the union’s continued growth in the global economic landscape.
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