Rouhani Calls for Greater Cooperation Between Eurasian Economic Union and Iran

Rouhani called for more active trade relations between Iran and the members of the Eurasian Economic Union at the summit of the organization’s leaders. Following American sanctions and maximum pressure tactics from the United States, Iran is seeking new economic opportunities.

Hassan Rouhani traveled to Armenia on Monday, October 8 (September 31) for a two-day visit to participate in the summit of leaders of the Eurasian Economic Union. Iran’s president met with his Armenian counterpart, Armen Sarkissian. Armenia and Iran expressed their desire for “more active economic relations between Iran and the Eurasian Union.”

Although Iran is not a member of this union, it has participated in some of its meetings. At last year’s summit, a memorandum of understanding was signed between the Islamic Republic of Iran and the Eurasian Economic Union.

American Sanctions and Iran’s Closer Ties with the Eurasian Union

America’s withdrawal from the JCPOA and intensification of sanctions against Iran has brought Iran closer to Russia and the Eurasian Economic Union.

Rouhani’s presence at the Eurasian Union leaders’ summit in Yerevan shows that Iranian officials are seeking to expand their economic relations with northern neighbors.

In his speech at the Eurasian Union summit, Rouhani called for “the international community to confront” America’s “hostile and unilateral” approach.

Iran’s president is relying on the support of Eurasian Union members. Without directly mentioning American sanctions against Iran and their impact on the country’s economic situation and people’s livelihoods, he emphasized that as a result of “America’s destructive actions,” we are witnessing an “ever-increasing growth in poverty, insecurity, migration, and declining economic growth worldwide.”

In his remarks, Iran’s president also referenced escalating tensions in the Persian Gulf and invited countries affected by developments in the Persian Gulf and the Strait of Hormuz to join the “Coalition of Hope,” namely the “Hormuz Peace Endeavor.”

Rouhani’s primary objective in his visit to Yerevan, however, is to expand and activate Iran’s economic relations with the Eurasian Union. In his remarks, he emphasized that Iran has created extensive capacities and infrastructure in free trade zones in Chabahar, Amirabad, Anzali, and Aras, and these zones are ready for expanding trade cooperation with the Eurasian Economic Union. He then invited investors from the Eurasian Economic Union to take advantage of Iran’s capabilities and invest in Iran.

Hassan Rouhani, while requesting cooperation in the financial and banking sectors, noted that Iran is ready to host investors and entrepreneurs from the Eurasian Economic Union in the near future.