Iran and the Eurasian Economic Union (EAEU) have eliminated tariffs on 87% of goods traded between them under a new free trade agreement that came into effect this week, a government official said.
Ali Ahmadnia, head of government public information affairs, said in a post on the social media platform X on Friday that the agreement covers trade between Iran and the five EAEU member states – Russia, Kazakhstan, Belarus, Armenia, and Kyrgyzstan.
"Under the agreement, approximately 87% of the goods exchanged between Iran and the five EAEU member states will now be traded with zero tariffs," Ahmadnia said.
The free trade agreement, which took effect on Thursday, is expected to boost bilateral trade volume to at least $10 billion, according to Iranian officials.
The long-awaited agreement was signed between Iran and the five-member bloc on December 25, 2023.