The Supreme Council of the Eurasian Economic Union (EAU) held in St. Petersburg, Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia, as well as Uzbekistan, Moldova and Cuba, which have been observers, witnessed significant developments since the establishment of the organization.

Andrei Slepnev, trade minister of the Eurasian Economic Union, said at a meeting with Iran’s ambassador to Russia, Kazem Jalali, that Iran is expected to become one of the most important partners among the alliance member states.This statement reflects the OECD’s commitment to enhancing economic connections and regional integration.

In addition, the heads of state and government attending the meeting signed a Joint Statement outlining the path and prospects for economic development of the International Organization by 2030.The meeting also announced that from 1 January 2024, the presidency of the Eurasian Economic Union will be transferred from Russia to Armenia.

In his speech, Russian President Vladimir Putin stressed that despite an unprecedented escalation of international tensions, cooperation between the alliance member states continues to develop. He mentioned that since the alliance was founded in 2015, the total GDP of the five countries has grown from 1.6 trillion to 2.5 trillion dollars, showing the alliance’s economic potential and strength.

Trade within the Union has grown by 87 percent over the past decade, while trade with third countries has grown by 59 percent. The newly signed free trade agreement with Iran is expected to increase the trade volume between the two sides from $2.2 billion to $180 to $20 billion over the next five to seven years. In addition, member states plan to increase exports of food, steel products, non-ferrous metals, oil and gas industrial machinery and timber to Iran.

The Council also announced the upcoming signing of similar agreements with Egypt and mentioned that negotiations are underway with the UAE and Indonesia on the establishment of a free trade area. Currently, the alliance has informal free trade practices with Syria, Singapore and Vietnam.

The results of the summit reflect the important progress made by the Eurasian Economic Union in expanding its international influence and promoting economic cooperation between its members and with other countries.