Russia’s TASS news agency said the Eurasian Economic Commission announced on Monday that it would promote trade between participating countries to $12 billion.
The block consists of Belarus, Kazakhstan, Russia, Kyrgyzstan and Armenia, along with Iran within the Observer province.
The announcement comes days after it officially signed the FTA between Iran and the EAEU after ratifying it by the Parliament on February 4, 2025 and subsequently approved by the Guardian Council on March 2.
On Saturday, Pezeschkian was also formally informing the Ministry of Industrial, Mining, Trade, Ministry of Economics, Finance and Foreign Affairs to implement the law.
The FTA aims to eliminate tariffs on more than 80% of goods traded between Iran and EAEU member states, whilst planning a gradual reduction in the delicate sector.
MNA/IRN