EAEU Minister Says Trade with Iran Important for Union

A high-ranking official at the Eurasian Economic Commission (ECC) Board has said that an agreement reached with Iran regarding free trade is vital for the Eurasian Economic Union (EAEU) as the country is a key partner in the union’s southern borders.

Iran is also one of key states in the International North–South Transport Corridor (INSTC), said Andrey Slepnev, who is ECC Board Member -- Minister in charge of Trade. He made the comments in an interview with Russian daily Izvestia, according to IRNA’s Friday report.

Slepnev said that Iran has made significant achievements in substituting imports, developing its technologies, and resisting sanctions pressure.

As to whether parliaments of all member countries have ratified the free trade agreement with Iran that was signed a year ago, he said that the EAEU is actively developing its network of free trade agreements. The ratification of the recent accord with Iran has now been finalized in four member states, he added.

The Eurasian Economic Union is an intergovernmental economic association comprising Belarus, Kazakhstan, Russia, Kyrgyzstan, and Armenia. The union was founded in 2014. It previously signed an interim agreement on free trade with Iran on March 14, 2022. Iran has also requested to obtain an observer status at the union, which has already been approved by deputy PMs of the member countries and will be assessed by heads of states during their summit later this month. - IRNA