Iran-EEU Memorandum to Increase Bilateral Trade to $10 Billion

Iran and the Eurasian Economic Union have signed a memorandum on free trade at a ceremony held in Tehran on Jan. 19.
The document was signed by the head of Iran's Trade Promotion Organization, Alireza Peymanpak, and the head of Eurasian Economic Commission’s trade office, Andrey Slepnev, IRNA reported.
The Iranian official believes that with the operationalization of the Iran-EEU free trade deal, annual bilateral trade will exceed $10 billion in three years.
“The agreement will be put into effect after formal approval of by the governments of member states by mid-1402 (Iranian year From March 2023 March 2024),” Peymanpak said.
“Today we held final talks and came up with a list of traded goods, based on which 90% of the traded commodities have been put on the ‘green’ list, while 10% were designated ‘prohibited’.”