News ID: 316517
Published: 0235 GMT September 21, 2021

Iran-EAEU five-month trade nears $2b

Iran-EAEU five-month trade nears $2b

The trade between Iran and members of the Eurasian Economic Union (EAEU) amounted to over $1.95 billion during the first five months of the current Iranian year (started on March 21), enjoying a 96% growth in value, a senior official at Islamic Republic of Iran Customs Administration said.

Head of international cooperation office at Iran's Customs Administration, Hossein Kakhaki, said over $420 million worth of goods were exported from Iran to EAEU member states during March 21-August 22, IRNA reported.

It is a 37% growth compared with the same period last year, he added.

The destinations were respectively Russia with $222 million, Armenia with $99 million, Kazakhstan with $63 million, Kyrgyzstan with $26 million, and Belarus with about $7 million, according to the official.

Iran imported $1.53 billion worth of products from EAEU states in the five months to August 22, he said.

Iran and the EAEU reached a free trade agreement in October 2018 based on which about 862 commodity items were subjected to preferential tariffs.

The interim 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.

Iran’s economic exchanges with the members of the EAEU will lead to the expansion of trade with third countries, said the head of the Non-Oil Export Promotion Committee of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) in August.

“The Eurasian Union could be a great target for Iran's export development, and the current preferential trade agreement is beneficial for both sides,” Jamshid Nafar said.

He said that the current imports from and exports to the EAEU need to be analyzed and new measures should be taken to remove obstacles to provide suitable conditions for foreign trade.

Noting that the EAEU member states can meet Iran’s domestic needs, such as animal feed, Nafar said, “On the other hand, there is a high capacity for food industry exports to this region, and this can balance trade.”

“Such conditions make free trade competitive and stimulate interest in the development of trade among domestic economic actors and Eurasian countries,” he added.

He further noted that relations with neighboring countries and the EAEU should be accelerated as one of the priorities of the thirteenth government, and this goal can be made possible by identifying and resolving problems.


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