Iran, EAEU Set To Revamp Infrastructure In Push To Accelerate Trade

(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 3.​ Since 2019, the focus has been on enhancing infrastructure to boost trade turnover between Iran and the member countries of the Eurasian Economic Union (EAEU), Mirhadi Seyedi, an advisor to the head of Iran's Trade Development Organization, told reporters, Trend reports.

Speaking to local media, Seyedi noted that efforts to boost trade have been ongoing since October 27, 2019, when a temporary trade memorandum was signed between Iran and EAEU member states. As a result, infrastructure development aimed at enhancing trade has led to a 2.2-fold increase in trade turnover between Iran and EAEU members.

Seyedi emphasized that the Trade Development Organization continues to work on further increasing trade and is engaged in ongoing negotiations to simplify cargo transportation via corridors.

On December 25, 2023, a free trade agreement was signed between Iran and the EAEU in Saint Petersburg, Russia. After the agreement comes into force, it's predicted that trade turnover will reach $18-20 billion within five to seven years.

President of Iran Masoud Pezeshkian has announced the law on a free trade agreement between Iran and the Eurasian Economic Union to various circles in Iran for implementation on March 15, 2025.

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