Free trade zone agreement between Iran, Eurasian Economic Union to come into force in May

The full-fledged agreement on the free trade zone between Iran and member-countries of the Eurasian Economic Union will come into force on May 15, 2025, the Eurasian Economic Commission said, Tass reported.

The Commission received a formal notice from Iran on completion of internal governmental procedures required for the agreement to come into force. The notice of completion of all the procedures in the Eurasian Economic Union was sent to the Iranian side in January 2025.

"In accordance with provisions of the agreement, the term of sixty days is stipulated for the document to become effective after the exchange of notes evidencing completion of required procedures. Therefore, the agreement will come into force on May 15, 2025," Trade Minister of the Commission Andrey Slepnev said.

Implementation of the new agreement will be an efficient tool of developing trade between the countries and will bring the mutual turnover over time to $12 bln, growing by about a factor of two against current volumes, the Commission added.