Iran seeks observer status to EAEU

Iran lodged a note of interest to the Eurasian Economic Union on May 27 this year to receive the status of an observer state to the Eurasian Economic Union (EAEU), Kazinform News Agency cites the press service of the Kazakh trade ministry.

On June 10 this year, the representatives of the authorized bodies of the EAEU member countries held a meeting at the EEC venue to negotiate the algorithm for processing the request in accordance with the provision on the observe status to the EAEU, approved by the decision no.8 of the Supreme Eurasian Economic Council as of May 14, 2018. Currently, the EAEU member countries are conducting an analysis of the economic viability in presenting the status, following which consultations are to be held with Iranian representatives, said the ministry.

The decision to grant the status of an observer state is up to the Heads of the EAEU member States.

The EAEU, comprising Belarus, Kazakhstan, Russia, Kyrgyzstan, and Armenia, and Iran signed a full-format agreement on free trade to promote trade and economic relations on December 25, 2023.

The mutual trade between Kazakhstan and Iran stood at 302 million US dollars in 2023. In December last year, the two countries signed the action plan aimed at bringing the mutual trade to up to 3 billion US dollars, said the ministry.