TEHRAN- Iran’s Minister of Economic Affairs and Finance, offering a positive assessment of the results of his Tuesday meetings with officials of the Eurasian Economic Union (EAEU), announced the proposal of initiatives such as setting a base currency to accelerate transactions and appointing special representatives to resolve obstacles facing bilateral trade.

According to IRNA, Seyyed Ali Madanizadeh, speaking to reporters after separate meetings and talks with the Chairman of the Executive Board and the Minister of Trade of the Eurasian Economic Commission at the union's headquarters in Moscow, added: "We held very good sessions."

He stated: "On Iran's behalf, we expressed our interest and readiness to expand relations and fully implement the free trade agreement with the Eurasian Economic Union, and that we are prepared to cooperate with this union in various fields; the union's officials, in turn, expressed their willingness and interest in expanding ties with our country."

The Minister of Economic Affairs and Finance, referring to the efforts of the enemies of the Iranian nation to fuel economic warfare and block trade and financial channels, said: "What is evident is that, thanks to God, these countries support Iran and our economy, and that Iran has managed to maintain production and trade relations with countries under the toughest conditions." He added: "The member states of the Eurasian Economic Union are equally committed and eager to develop these relations."

Strengthening Iran's presence in EAEU's 180-million-person market

Continuing his Moscow visit agenda for multilateral consultations, the Minister of Economic Affairs and Finance attended the Eurasian Economic Union's headquarters and met with the Chairman of the Executive Board and the Minister of Trade to discuss accelerating bilateral trade.

Seyyed Ali Madanizadeh, and Bakytzhan Sagintayev, Chairman of the Board of the Eurasian Economic Commission, emphasized their shared determination to expand cooperation during this meeting.

Prior to this meeting, the Minister of Economic Affairs and Finance held a separate session with Andrey Slepnev, Minister in charge of Trade of the Eurasian Economic Commission, and a group of union officials to review the progress of cooperation following the implementation of the free trade agreement. Slepnev, noting that the second meeting of the Iran-EAEU working group would be hosted by Tehran in the coming months, expressed hope that the upward trend in bilateral trade would continue.

Iran's Ambassador to Russia, Kazem Jalali, and Mehdi Heydari, Deputy Minister of Economy and head of Iran's Organization for Investment, Economic and Technical Assistance, accompanied Madanizadeh during these meetings.

The free trade agreement between Iran and the Eurasian Economic Union came into force in May 2025 after completing legal procedures in the signatory countries, subsequently eliminating customs duties on 87% of goods in bilateral trade.

Within this cooperation framework, the path has been smoothed for Iranian goods to enter the market of over 180 million people in the union's member states, and reciprocally, this opportunity is available for traders from the five signatory countries in commerce with Iran.

Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia are members of the Eurasian Economic Union, and Iran holds observer status in the union.

The Minister of Economic Affairs and Finance arrived in Moscow on Sunday for bilateral and multilateral consultations. On Tuesday, Madanizadeh met with his Russian counterpart to discuss the expansion of economic relations—a meeting that, according to him, brought about significant breakthroughs in the country's trade and economic sectors.

The Economy Minister also attended a brainstorming session on Monday evening with Iranian expatriate traders and economic activists residing in Russia, listening closely to their concerns.

MA