Trade Relations Show Positive Momentum
New bilateral agreements with regional partners and expansion of the INSTC corridor expanded usable export channels for Iran-resident manufacturers.
Iran closed 2024 with a measurable expansion of usable trade channels for resident manufacturers and exporters. Three developments stand out: a deepened bilateral framework with Russia covering payments and customs, accelerated build-out of the International North-South Transport Corridor (INSTC) via Chabahar, and renewed preferential-tariff arrangements with several CIS economies.
Why it matters for foreign sponsors
For investors evaluating Iran-based manufacturing, the practical question is always export reach. The 2024 changes meaningfully widen the addressable market accessible from an Iranian production base — particularly for petrochemical derivatives, processed foods, light industrial goods, and metals.
- INSTC volume through Chabahar up 41% YoY
- Rial-rouble direct settlement now operational for trade transactions
- EAEU preferential tariff coverage expanded to 17 additional HS categories
- Iran-Turkey rail capacity doubled with completion of Van-Tabriz upgrade
What to monitor
The Iran-EAEU full free-trade agreement enters its implementation phase in 2025 — milestones to watch are the first round of tariff eliminations (early Q2) and the harmonised rules-of-origin protocol (mid-Q3). Both materially impact the export economics for any greenfield manufacturing investment.