Interim Trade Deal With EAEU Extended Until 2025

The interim free trade agreement between the Eurasian Economic Union and Iran has been extended until 2025, the official representative of the Eurasian Economic Commission, Iya Malkina, told a press briefing after the Supreme Eurasian Economic Council meeting on Dec. 10.
"During the summit, the parties signed a protocol to the interim agreement leading to the formation of a free trade zone between the Eurasian Economic Union and Iran," Malkina was quoted as saying by BelTA. 
"The interim agreement has been extended until Oct. 27, 2025, or until the free trade agreement enters into force, whichever comes first."
She recalled that negotiations on the full-fledged free trade agreement are based on the regime in force between EEU and Iran in accordance with the interim agreement since October 2019. 
In H1 2021, trade with Iran posted a huge growth: Exports of EEU member states surged by almost 47% to total $1.35 billion and imports by 34% to $825 million. Trade between EEU countries and Iran increased by 27% over the same period in 2019, as exports rose by 27% and imports by 70%.
The Supreme Eurasian Economic Council summit was held via videoconference. It was attended by Belarusian President Aleksandr Lukashenko.
Armenian Prime Minister Nikol Pashinyan endorsed an early conclusion of a full-fledged free trade agreement between Iran and the Eurasian Economic Union at the videoconference, ARKA news agency reported.
"A key component of the effective development of EEU, highlighted in its development strategy, is expansion of the international cooperation and creation of a wide network of trade and economic relations. In this context, I think it is important once again to draw attention to the conclusion of a full-fledged free trade agreement between Iran and EEU as soon as possible," he said.
Pashinyan stressed that the provisional free trade agreement with Tehran has clearly shown the potential and prospects for further deepening cooperation.
"And despite reaching mutually beneficial agreements on a number of issues during the first round of talks held in Yerevan in early November, the extension of the provisional agreement for this period is justified," he said.
Pashinyan stressed that during these years, different formats of cooperation with third countries have been worked out. 
The solution to these problems, he added, is summed up in the main directions of EEU international activity for 2022, which fixes the key vectors and practical priorities of the union's international activity for the next year, emphasizing potentially promising areas.
"Within the framework of Eurasian integration, a sufficiently stable institutional framework has been formulated, the common market is being established and there is certain successes in the sphere of international cooperation," he said.