Iran faces $285 billion Russian market opportunity as Eurasian free trade deal takes effect

Iran should revise its trade strategy and increase private-sector involvement to capitalize on the free trade agreement with the Eurasian Economic Union, Iran Chamber of Commerce Vice President Qadir Qiafeh said, highlighting Russia’s $285 billion import market as a major opportunity.

Speaking to reporters during a visit to Belarus, Qiafeh said Iran’s share of the Eurasian market remained small despite its potential. He said Russia’s imports had exceeded $285 billion in some years, while Iran’s trade with Russia had peaked at only about $4.5 billion, representing a significant gap. Qiafeh attributed Iran’s limited presence in Eurasian markets to an excessive focus on Western trade and insufficient attention to opportunities in the East, particularly in energy, mining and essential goods. He said the implementation of the free trade agreement with the Eurasian Economic Union had created an important opportunity to strengthen supply chains and foreign-exchange earnings amid economic pressure and sanctions. Qiafeh identified a lack of reliable and integrated trade data as a major obstacle, saying Iranian businesses lacked sufficient information about market opportunities in the region while potential Iranian exports were not being adequately introduced to target markets. He said benefiting from the agreement also required greater flexibility from regulatory and banking institutions and a shift toward joint investment. Entering the Eurasian market would be a gradual process requiring patience, a clear strategy and sustained follow-up, Qiafeh said, adding that successful expansion could reduce Iran’s economic vulnerability to sanctions.