Iran, EAEU Member States to Launch FTA in 2024: TPOI

Iran, EAEU Member States to Launch FTA in 2024: TPOI

TEHRAN (Tasnim) – The deputy head of the Trade Promotion Organization of Iran (TPOI) for international affairs said a Free Trade Agreement (FTA) between Iran and the Eurasian Economic Union’s (EAEU) member states will come into effect at the beginning of the next Iranian calendar year (March 2024)

Mohammad Ghannadzadeh made the comment on Tuesday, adding that the Eurasian Economic Union is composed of five countries, namely Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.

He pointed out that the EAEU’s member states import $380 billion worth of products annually.

An interim contract under the Preferential Trade Agreement (PTA) was signed between Iran and EAEU’s member states in 2016, he said, adding that Iran’s exports to these countries registered an eighty percent growth in the first year after the implementation of the PTA.

Ghannadzadeh further pointed out that the talk between Iran and member states of the union on the FTA kicked off in 2020 and the final document of the FTA will be signed between Iran and the five member states of the union within the next one or two months.

Once the document is signed at the parliaments of the countries, it is predicted that the FTA will come into effect as of the next Iranian calendar year (March 21, 2024), the deputy TPOI added.

The treaty on the Eurasian Economic Union was signed on May 29, 2014 by the leaders of Belarus, Kazakhstan and Russia and came into force on January 1, 2015. It consists of 183 million people and a gross domestic product of over $2.4 trillion.

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