A free trade agreement (FTA) between Iran and the Eurasian Economic Union (EAEU) member states is expected to be signed by the end of 2023, according to an Iranian official with the knowledge of the matter.
Mirhadi Seyyedi, a senior advisor at the Trade Promotion Organization of Iran (TPO) said on Tuesday that signing the FTA will enhance bilateral relations in the fields of trade and economy.
The FTA will likely be inked between the two sides after the 2nd Eurasia EXPO 2023 due to be hosted by Iran early in December, he stated.
Seyyedi described the four-year practice of a preferential trade agreement (PTA) between Iran and EAEU as positive which he said that has doubled the volume of bilateral trade from $2.5 billion to $5 billion.
The Islamic Republic of Iran Customs Administration (IRICA) announced in April taht given the existing free trade agreement between Tehran and the Eurasian Economic Union (EAEU), Iran intends to increase trade exchanges with the economic bloc up to $10 billion within less than two years.