Iran's free trade agreement with the Eurasian Economic Union (EAEU) will come into force in 60 days, the Iranian embassy in Moscow said in a report on Friday.
According to the statement, Iranian Ambassador to Russia Kazem Jalali formally announced the ratification of the agreement during a phone call with Andrey Slepnev, the EAEU’s Minister of Trade. The announcement follows the completion of legal formalities in all signatory states.
Both officials welcomed the deal's imminent implementation, calling it a key step towards boosting regional trade.
The embassy noted that under the agreement, signed in December 2023 in St. Petersburg, 87% of traded goods between Iran and EAEU member states will be exempt from customs tariffs. The agreement will take effect 60 days after all member states complete their respective legal procedures.
Earlier this month, Hadi Tahan Nazif, the spokesman of Iran’s Guardian Council, confirmed via social media platform X that the agreement was reviewed and found to be in compliance with the country’s constitutional and religious regulations.