EAEU leaders approve work of free trade agreement with Iran

Leaders of the Eurasian Economic Union (EAEU) countries have approved the decision on the entry into force of a free trade agreement between the EAEU and Iran. This was reported by the Kremlin press service on December 26, listing the documents approved at the end of the meeting in St. Petersburg.

"The decision 'On the entry into force of a free trade agreement between the Eurasian Economic Union and its member states on the one hand and the Islamic Republic of Iran on the other hand from December 25, 2023,'" the Kremlin website said.

In addition, it was decided to grant the Republic of Iran the status of an observer state at the EAEU.

Also approved was an agreement on a unified system of customs transit of the Eurasian Economic Union and the third party (third parties), signed a decision "On the budget of the EAEU for 2025", "On the functioning of the single market of services within the EAEU" and others.

In addition, the parties adopted a document "On the obligations of the Republic of Belarus in the field of state support for agriculture.

Earlier on December 26, head of the Ministry of Economic Development of Russia Maxim Reshetnikov told "Izvestia" on the sidelines of the meeting of the Supreme Eurasian Economic Council that trade within the EAEU is balanced, stable and generally protected from external risks. According to the Minister, the trend is due to the large trade turnover, as well as the single market of goods, services and labor.

In turn, Russian President Vladimir Putin noted that the EAEU has established itself as one of the self-sufficient and independent centers of the world. In the course of the meeting, which was held at the Igora resort in the Leningrad region, the head of state pointed out that the EAEU activities help to expand trade and deepen cooperation ties, build up business contacts and investment exchanges.

Later he added that the EAEU leaders had reached consensus on a number of issues. On the remaining aspects they will continue to work further.

The informal summit of CIS leaders and the meeting of the Supreme Eurasian Economic Council started a day earlier. The Russian president arrived there the same day.

The EAEU is an international organization of regional economic integration with international legal personality. It includes Russia, Belarus, Armenia, Kazakhstan, as well as Kyrgyzstan. One of the main advantages of the organization is a common labor market.