Taghribnews (TNA) - Iran to Join Eurasian Economic Union as an Observer Member Soon

Russia's Deputy Prime Minister Alexei Overchuk announced that Iran is set to become an observer member of the Eurasian Economic Union (EAEU) in the near future.

During a joint working visit to Tehran with Vitaly Savelyev, another Russian Deputy Prime Minister, Overchuk emphasized the strategic importance of this step in strengthening trade relations between Iran and the five member states of the EAEU.

"The observer status is designed to avoid imposing binding commitments on the observing country, while still allowing it to participate in the union's frameworks and gain insights into its activities," Overchuk noted.
He further remarked that by combining a free trade agreement with observer membership, Iran would secure a strong position within the EAEU, benefiting significantly from access to its expansive market.
Trade between Iran and EAEU member states has seen substantial growth, with Iranian exports increasing by 21% in value and 22% in volume over the past nine months compared to the same period last year.
The free trade agreement between Iran and the EAEU also took a significant step forward on Sunday, as it was ratified by the Iranian Parliament. The agreement had already been approved by the legislatures of the five EAEU member countries.
This development marks a pivotal moment in Iran's efforts to enhance economic ties with neighboring countries and strengthen its presence in regional trade frameworks.