Iran Records Progress with Russia and EEU, Says Russian Deputy Prime Minister

The trade volume between Iran and the Eurasian Economic Union (EEU) has increased by 35% over the past few months and is expected to continue growing in the future. This was stated by Russian Deputy Prime Minister Alexey Overchuk during an inspection of infrastructure at the border crossings used for the North-South transport corridor located on the Azerbaijan-Iran border.

“In May of this year, the agreement on the free trade zone between the Islamic Republic of Iran and the Eurasian Economic Union came into effect. Since May, we have seen a 35% increase in trade between the EEU and Iran. We are confident that trade volumes between Iran and Russia, as well as between Iran and the EEU, will continue to grow, and the infrastructure at the border crossings must match this growth,” he said.

The agreement on foreign trade (FTA) between Iran and the EEU was signed on December 25, 2023, in Saint Petersburg. The purpose of the transaction is to liberalize and simplify trade by reducing or eliminating tariff and non-tariff barriers, thereby supporting economic and trade cooperation.