A note of Iran’s request to obtain observer state status in the Eurasian Economic Union (EEU) was submitted to the Eurasian Economic Commission, the EEU’s governing body, on May 27.
The EEU is an economic integration bloc uniting Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.
According Kazakhstan’s Ministry of Trade and Integration, the economic feasibility of granting such status to Iran is currently being analysed by heads of the EEU member states and following results, consultations will be held with representatives from the republic.
In 2018, the EEU and Iran signed a temporary agreement leading to the formation of a free trade zone between the two parties.
More recently, on December 25, 2023, EEU heads of state signed a Free Trade Agreement between the EEU and its member states, and also, with the Islamic Republic of Iran.
The agreement provides for duty-free trade for about 90% of commodities, which accounts for more than 95% of mutual trade between the parties.
Kazakhstan’s Ministry of Trade and Integration emphasized the great potential of furthering trade between Kazakhstan and Iran.
Mutual trade amounted to $302 million last year and in December, an Action Plan was signed between Kazakhstan and Iran to increase trade turnover to $3 billion.
