Eurasian Economic Union (EAEU)
The Eurasian Economic Union is an international organization for regional economic integration, which has an international legal personality.
This union was formed with the following goals in 2015, including five countries: Russia, Kazakhstan, Armenia, Belarus, and Kyrgyzstan.
Creating a common market between member countries.
Gradual reduction of customs barriers inside the Union.
establishing a common tariff amongst members for countries outside the Union.
Coordination of customs formalities.
promoting trade between the Eurasia countries in terms of commodities, capital, labor, and services.
Services on the borders of Eurasia countries.
Establishing common policies in the field of energy, industry, agriculture and transportation.
The Eurasian Economic Union has an area of 20 million square meters and a population of 183 million people, approximately 2.6% of the world’s population.
This union is the first producer of oil (14.6 percent), the second place in gas production (20.7 percent), the fourth place in electricity production, and the fifth place in the production of grains and legumes (5.5 percent) in the world.
Exports of the member countries are mostly in the field of energy, fertilizers, meat and grain, agricultural products, iron and steel and aluminum, machinery, electronic equipment, vehicles, medicine and medical equipment.
In 2021, this union’s trade with the rest of the world was worth $985 billion.
In 2022, the total worth of the trade with Iran under this union was $3.159 billion. The formation of a “single currency” is one of the key elements in the expansion of the Eurasian Economic Union.