Iran receives observer status in Eurasian Economic Union

Iran has been granted observer status at the Eurasian Economic Union (EAEU).

A decision was made during the EAEU summit, Caliber.Az reports per Russian media.

Cuba and Uzbekistan also hold observer status with the EAEU. The EAEU core members, known as the “Eurasian Five” include Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan.

"Iran is now an observer state at our union," Chairman of the Board of the Eurasian Economic Commission (EEC) Bakytzhan Sagintayev told journalists.

Earlier, the Eurasian Economic Commission said that trade turnover among EAEU member states and Iran increased by 12.8 per cent in the first 10 months of 2024. Exports to Iran rose by 16 per cent, while imports grew by 8 per cent. A full-fledged free trade agreement is expected to come into effect between the EAEU and Iran in 2025, establishing a duty-free regime for 90 per cent of mutual trade goods.

By Naila Huseynova