News ID: 286

Date: 02 March 2025 - 13:48

Constitutional Council ratifies Iran-EAEU FTA

Tehran – Constitutional Council, Iran’s law watchdog, has ratified the proposed Free Trade Agreement (FTA) between Iran and the Eurasian Economic Union (EAEU), according to the Council’s spokesman.

"The bill on the Free Trade Agreement between the Islamic Republic of Iran and the Eurasian Economic Union and its member states was not found to be in violation of Sharia law and the Constitution after being reviewed by the Constitutional Council," said Hadi Tahan Nazif, spokesperson for the Council, in a message posted on X platform on Sunday.

The EAEU is an economic union of five member states located primarily in northern Eurasia. The member states are Russia, Kazakhstan, Belarus, Kyrgyzstan, and Armenia.

Economic analysts suggest the FTA could significantly boost trade volume between Iran and the EAEU, potentially exceeding $10 billion annually within a few years. Beyond trade, the agreement could encourage joint ventures, knowledge exchange, and technology transfer in industries such as energy, transportation, and manufacturing.

The Iran-EAEU Free Trade Agreement represents a landmark achievement, underscoring the importance of regional economic cooperation in an increasingly interconnected global economy. As implementation draws closer, the agreement is set to redefine economic relations between Iran and the Eurasian region, offering substantial benefits for all parties involved.