Russian Deputy Prime Minister Alexey Overchuk has said that the free trade agreement between the Eurasian Economic Union (EAEU) and Iran is expected to be implemented in 2025.
He described the agreement as "unique" due to its potential to open more than 90% of production lines to each other, creating significant opportunities for trade growth.
Overchuk added that trade between Russia and Iran has increased by 14.7% in the first nine months of 2024, reaching $3.3 billion.
A long-awaited FTA was signed between Iran and the EAEU on December 25, 2023.
The agreement is aimed at fostering economic cooperation and reducing trade barriers between Iran and the EAEU, which comprises Armenia, Belarus, Russia, Kazakhstan, and Kyrgyzstan. It has to be ratified by the parliaments of all the six parties to the agreement before it can take effect.
Lawmakers in Iran’s parliament approved the general outline of a bill endorsing the Iran-EAEU free trade agreement on Sunday.
The agreement was ratified by Armenian parliament in mid-November and by the Russian State Duma earlier in June.
The Senate of Kazakhstan also approved the agreement few days ago.
Under the terms of the agreement, Iran and the five-member bloc will lift tariffs on 87% of the items being exchanged between them.
The rest 13% includes items that each of the six parties consider as sensitive items whose free imports may damage their domestic industry or agriculture.