Trade between Iran and the Eurasian Economic Union (EAEU) grew by 11% year-on-year in the first nine months of 2024, according to a Saturday report by EAEU’s official media.
The rise in trade volume coincides with expectations that Iran will secure observer member status at the EAEU during the upcoming December 2024 summit of the bloc's leaders.
The report highlighted a 9% year-on-year increase in Iranian exports to EAEU countries during this period, with vegetables, fruits, and nuts forming the bulk of shipments. Meanwhile, agricultural products dominated EAEU exports to Iran, which also saw a year-on-year growth of over 10%.
On November 30, Russian Deputy Economic Development Minister Dmitry Volvach announced that Iran’s observer status request had been approved during a meeting of the EAEU’s executive body, comprising deputy prime ministers from member states.
Iranian President Masoud Pezeshkian, in a televised address on December 2, confirmed his plans to attend the EAEU summit, where Iran is expected to be granted observer member status, which will ensure low or zero-tariff trade with member nations.