Iran to Gain Access to 190 Million EAEU Market: Russian Deputy PM

With observer membership in Eurasian Economic Union (EAEU), Iran would gain access to the large market of 190 million people of the union's member countries, according to Russian Deputy Prime Minister Alexei Overchuk.

Russian Deputy Prime Minister Alexei Overchuk made the remarks on a visit to Iran on Monday.

Iranian Foreign Ministry spokesman Esmail Baghaei called Iran’s upcoming accession to the Eurasian Economic Union (EAEU) as an observer country a significant event.

The relevant decision is expected to be made on December 25 at a meeting of the Supreme Eurasian Economic Council in St. Petersburg.

The Russian business will save about US$300 million annually on duties after the free trade agreement between Iran and the Eurasian Economic Union comes into effect, Overchuk told reporters according to TASS.

"Entry of this agreement into force will mean saving about US$300 million on duties annually for the Russian business," the official said.

Russia "is highly interested in its operation to start as soon as practicable," Overchuk noted. "So that our goods go to the Iranian market without duties quicker and, certainly, for Iranian goods to saturate our market and thereby improve the price situation, improve the supply on our market," he added.

The full-scale free trade agreement with Iran was signed by member-countries of the Eurasian Economic Union on December 25, 2023. In Iran, the relevant law has been approved by the government, but is yet to be signed by the president.

The Russian delegation was received for a meeting with President Masoud Pezeshkian on the Tehran visit earlier on Monday. - Mehr