Tehran: The Free Trade Agreement (FTA) between the Islamic Republic of Iran and the Eurasian Economic Union (EAEU) is scheduled to take effect on May 15.

According to Islamic Republic News Agency, the Eurasian Economic Commission announced the implementation of the FTA on Monday, projecting that the agreement will increase trade among the participating nations to $12 billion.

The EAEU includes member states Belarus, Kazakhstan, Russia, Kyrgyzstan, and Armenia, with Iran participating as an observer state.

The announcement follows closely on the heels of President Masoud Pezeshkian's official signing of the FTA into law. The agreement had been ratified by Parliament on February 4, 2025, and subsequently endorsed by the Guardian Council on March 2.

On Saturday, President Pezeshkian communicated the FTA's implementation to the Ministry of Industry, Mine and Trade, the Ministry of Economic Affairs and Finance, and the Ministry of Foreign Affairs.

The FTA seeks to eliminate tariffs on over 80% of goods traded between Iran and EAEU member states, with plans for gradual tariff reductions in sensitive sectors.