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The Free Trade Agreement (FTA) between Iran and the Eurasian Economic Union (EAEU) officially commenced on May 15, 2023, enhancing trade relations among member states, including Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan. Iranian Foreign Ministry spokesperson Esmaeil Baghaei highlighted the agreement’s potential to significantly increase economic exchanges, with around 87% of traded goods facing zero tariffs. This follows a prior preferential trade agreement established in 2019. Iran’s observer status in the EAEU reflects its commitment to deepening economic ties and diversifying trade partnerships, aiming for mutual benefits and increased trade volumes amidst global economic challenges.
During a diplomatic meeting in Islamabad, Iranian Parliament Speaker Mohammad Bagher Ghalibaf urged for enhanced economic ties between Iran and Pakistan, aiming for $10 billion in trade. He stressed the need for improvements in banking, bartering, and free trade, while highlighting the significance of cooperation in economic, political, and security matters. Ghalibaf expressed gratitude for Pakistan’s support during recent conflicts and addressed ongoing concerns about Iran’s nuclear program. Prime Minister Shehbaz Sharif affirmed Pakistan’s backing of Iran’s peaceful nuclear rights, indicating a shared commitment to mutual support and collaboration, which may strengthen their bilateral relationship amid regional challenges.
The National Iranian Gas Company (NIGC) reported a daily natural gas injection of 870 million cubic meters (mcm) into Iran’s national pipeline, driven by a cold wave that increased energy demands. Gas consumption reached 606 mcm, a 10% rise from last year, with power plants using 149 mcm. Sour gas production exceeded 1 billion cubic meters, mainly from the South Pars field. To address heightened demand, schools, banks, and government offices in Tehran were closed to ensure energy stability. These developments highlight the importance of natural gas in Iran’s energy strategy amid challenging weather conditions.
Iran is facing a critical wheat supply crisis, with projected imports of 4.5 million metric tons this year due to a 31% decline in domestic production, falling to nearly 11 million metric tons. Factors contributing to this decline include severe drought conditions and low government purchase rates, which discouraged local farmers. Consequently, government purchases dropped by 36%. In contrast to last year’s self-sufficiency, the Iranian Ministry of Agriculture now warns up to 6 million metric tons may be needed to meet demand. This situation underscores the urgent need for strategic agricultural policies and sustainable practices to address climate challenges and support local farmers.
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Iran and the Eurasian Economic Union (EAEU) have signed a three-year roadmap to boost economic cooperation, officially marking a new phase in their trade relations. The agreement, signed in Moscow by trade ministers from both sides, aims to enhance collaboration through key sectors such as halal trade, logistics, transportation, and customs operations. A significant feature is the establishment of a North-South transport corridor to improve trade efficiency. This roadmap builds on previously established agreements, including a free trade agreement allowing tariff-free exports for Iran. Both parties are optimistic about increased trade volumes and strengthened economic ties.