"The implementation of an agreement between Iran and the EAEU will lead to substantial growth in trade and economic exchange between Iran and five countries [of the EAEU], that is why we are determined to use any opportunity to boost the effectiveness of the potential that each of these countries has," Baqaei said ahead of the day when the agreement comes into effect and the Eurasian Economic Union's Day, celebrated on May 29.
The EAEU has special significance for Iran as it creates the basis for the expansion of economic and trade ties between Tehran and the union, the spokesman said.
The agreement on the establishment of a free trade zone between Iran and the EAEU was signed on December 25, 2023. In late February of this year, the Iranian parliament ratified the agreement.
In March, Russian Deputy Prime Minister Alexei Overchuk said that the agreement would go into effect on May 15. The aim of the agreement is to liberalize and ease trade between the EAEU and Iran through the reduction or elimination of tariff and non-tariff barriers, as well as by maintaining economic and trade interaction. According to Overchuk's estimates, the agreement will let Russian businesses spare up to $300 million annually on tariffs, and will also boost Russia-Iran mutual trade.