On May 15, 2025, the Free Trade Agreement between the Eurasian Economic Union and the Islamic Republic of Iran entered into force.

It replaced the temporary agreement with limited commodity coverage that had been in force since 2019. The agreement will create “unique conditions of access to the Iranian market” for EAEU producers, the Eurasian Economic Commission said in a news release. The average import customs duty on goods exported from the EAEU to Iran will drop from 20% to 4.5%.

“As part of the implementation of the agreement, the parties have already begun preparations for the first meeting of the joint committee, scheduled for the second half of 2025. The discussion will focus on specific issues of further development of trade and economic cooperation,” said Andrei Slepnev, Minister for Trade of the Eurasian Economic Commission.

According to experts, the implementation of the agreement could increase annual trade turnover between the EAEU and Iran to $12 billion in the medium term.