Iran becomes observer member of Eurasian Economic Union

Iran’s observer membership in the Eurasian Economic Union was confirmed during a summit of the member states’ leaders. This meeting took place on Thursday in Saint Petersburg, Russia.

Mohammad Atabak, Iran’s Minister of Industry, Mine and Trade, who represented Iran at this meeting, met with Vladimir Putin, the President of Russia, on the sidelines of the summit. They discussed the development of economic, trade, and industrial cooperation between the two countries, as well as interactions within the framework of the Eurasian Union.

In his speech at the Supreme Council meeting of the Eurasian Economic Union, the Iranian Minister welcomed the union’s decision to grant observer status to the Islamic Republic of Iran, considering it a foundation for further cooperation between Iran and the members of this union.

He added, “I am confident that this meeting will be a turning point in the expanding relationship between Iran and the member countries of the Eurasian Economic Union.”With Iran’s observer membership in this union, an effective step has been taken towards implementing the Iranian government’s strategy to expand interactions and trade exchanges with neighboring countries and the region through the conclusion of important regional treaties and agreements.

This opens up an $800 billion market for Iranian economic actors and the private sector.

Access to new markets in the Eurasian Economic Union, as well as the facilitation of exporting goods and services from Iran to the members of this union, are among the other advantages of Iran’s membership in this body. The Eurasian Union is an intergovernmental economic union comprising Belarus, Kazakhstan, Russia, Kyrgyzstan, and Armenia. The observer members of this union include Uzbekistan, Moldova, and Cuba. The foundation of this union was laid about 10 years ago in 2014.