Iran Granted Observer Status in the EAEU

At the meeting of the Supreme Eurasian Economic Council, the leaders of the member states of the Eurasian Economic Union (EAEU) decided to grant Iran observer status, reports NewsBox.

Iran's request for this status was submitted in May of the previous year. The Eurasian Economic Commission conducted an analysis of the economic feasibility of EAEU's cooperation with Iran, as well as consultations with representatives of the member states and the interested party, according to the press service of the Ministry of Trade and Integration of the Republic of Kazakhstan.

Foreign trade with the EAEU plays an important role for Iran. In 2023, the EAEU accounted for 10.1% of Iran's exports, making it the third largest trading partner after China (30.4%) and Turkey (14.5%).

According to the Treaty on the EAEU, an observer state has the right to attend Union meetings by invitation and familiarize itself with the documents developed within the framework of the EAEU, except for confidential ones.

Granting Iran the status of an observer state is an important step towards strengthening cooperation and developing economic ties between the EAEU member states and the Islamic Republic of Iran.

Recall that in 2018, a temporary agreement leading to the creation of a free trade zone was signed between the EAEU and Iran. On December 25, 2023, the EAEU countries and Iran signed a comprehensive Free Trade Agreement, which ensures duty-free trade for 90% of the commodity nomenclature, covering more than 95% of mutual trade between the parties.