EAEU, BRICS Play Key Role in Ensuring Iran’s Trade Turnover

Date: 05 May 2025 - 22:14

News ID: ۱۳۹۲۲۸

TEHRAN - The Eurasian Economic Union (EAEU) and BRICS are playing a significant role in enhancing Iran’s trade volume, said the spokesperson of the Ministry of Foreign Affairs, Esmail Baghaei.
Speaking at a press conference in Tehran, Baghaei stated that in recent days, Iranian officials attended a meeting in Brazil with BRICS member countries and held several discussions with them. This engagement could contribute to the development of Iran’s trade relations with these nations.
He also emphasized the importance of the Eurasian Economic Union (EAEU) for Iran, noting that final steps are being taken for the implementation of a free trade agreement with the union.
“Once this agreement is enacted, over 80 percent of the products Iran exports to EAEU member countries will be exempt from tariffs. This will simplify trade relations and significantly boost trade turnover between Iran and the EAEU countries,” Baghaei added.
BRICS, a multilateral governmental organization established in 2006, currently includes Russia, Brazil, India, China, and South Africa, along with Egypt, Ethiopia, Iran, the UAE, and Saudi Arabia.
On December 25, 2023, a free trade agreement was signed between Iran and the EAEU in Saint Petersburg, Russia. After the agreement comes into force, it’s predicted that trade turnover will reach $18-20 billion within five to seven years.
President of Iran, Masoud Pezeshkian, has announced the law on a free trade agreement between Iran and the Eurasian Economic Union to various circles in Iran for implementation on March 15, 2025.