A full-scale free trade agreement between the Eurasian Economic Union and Iran has entered into force. The agreement significantly reduces the average import tariff on goods from EAEU countries to Iran—from 20% down to 4.5%.

As Vzglyad reports, the agreement outlines mutual commitments for preferential access, covering 90% of all product categories, creating new opportunities for deepening economic cooperation between member states.

According to the Eurasian Economic Commission, trade turnover between the EAEU and Iran could reach $12 billion in the medium term, significantly surpassing previous figures.

Earlier, the Iranian parliament has ratified the agreement establishing a free trade zone with the EAEU. Additionally, Russia and Iran have expressed readiness to continue joint efforts in developing new overland gas transport corridors between the two countries.