News ID: 275551
Published: 0243 GMT October 14, 2020

Iran-EAEU 11-month trade up 6%

Iran-EAEU 11-month trade up 6%

Trade between Iran and the members of the Eurasian Economic Union (EAEU) increased by six percent during (October 27, 2019-August 21, 2020), compared to the same period in the previous year, data released by the Trade Promotion Organization (TPO) showed.

Based on the TPO data, Iranian exports to the mentioned union increased by 21 percent, while the imports had a one percent rise, IRNA reported.

Iran exported $823.9 million worth of commodities to the EAEU nations in the mentioned period compared to the $679.8 million in the same period of time last year.

As reported, Russia had the highest amount of imports from Iran among the five Eurasian Economic Union member states during the period under review and the lowest exports were made to Belarus.

Meanwhile, most imports came from Russia and the least from Kyrgyzstan, the data indicated.

According to the Islamic Republic of Iran’s Customs Administration (IRICA) data, Iran’s trade with the members of the Eurasian Economic Union during the first five months of the current Iranian year (March 19-August 21) stood at $2.791 billion, up six percent compared to the same period last year, in which the figure stood at $2.635 billion.

The agreement enabling the formation of a free trade area between Iran and the EAEU was signed on May 17, 2018, and officially came into force on October 27, 2019.

This agreement, which has laid the ground for the expansion of trade ties between the two sides, consists of two commodity lists, including the preferences granted by the Eurasian Economic Union to Iran (504 items) and the preferences granted by Iran to that union (390 items). These preferences are in the form of tariff reductions or tariff fixations (no tariff increase for the other party) in the base year.


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