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Landmark economic alliance: EAEU and Iran set to sign historic free trade agreement

The Eurasian Economic Union (EAEU) and Iran are set to sign a free trade agreement on December 25. The agreement aims to cover 90% of tariff lines, covering 99.2% of EAEU exports. It aims to reduce Iran's average import tariff to 4.5%, saving $380 million annually.

Landmark economic alliance: EAEU and Iran set to sign historic free trade agreement

In a significant diplomatic and economic development, the Eurasian Economic Union (EAEU) and Iran are poised to ink a historic free trade agreement on December 25. This comprehensive accord is designed to encompass an impressive 90% of tariff lines, effectively covering a staggering 99.2% of EAEU exports.

The primary objective of this groundbreaking agreement is to substantially reduce Iran's average import tariff to an enticing 4.5%, potentially resulting in annual savings of a substantial $380 million. Beyond the economic implications, the agreement is expected to foster deeper collaboration between the nations, with a particular focus on technical regulation, sanitary measures, and customs regulation.

This collaborative effort aims to streamline product certification procedures, providing a more efficient and harmonized approach for businesses engaged in cross-border trade. By mitigating barriers to commerce, the agreement seeks to facilitate smoother trade operations, ultimately enhancing economic ties between the EAEU and Iran.

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