News ID: 317131
Published: 0210 GMT October 16, 2021

Iran’s six-month trade with EAEU increases 40%

Iran’s six-month trade with EAEU increases 40%
IRNA

Iran’s trade with the members of the Eurasian Economic Union (EAEU) exceeded $2.483 billion in the six months to September 22, registering 40 percent of growth compared to the corresponding figure of preceding year.

Spokesman of Islamic Republic of Iran Customs Administration (IRICA) Rouhollah Latifi said Iran traded 5.5 million tons of commodities worth $2.48 billion with the EAEU members, up also 12 percent in terms of weight, iribnews.ir reported.

The country exported over 1.1 million tons of goods worth about $514.4 million to the EAEU in the period under review, five percent and 36 percent more than the previous year’s same period in terms of weight and value, respectively.

During the said six months, Russia with $270.39 million, Armenia with $123.67 million, Kazakhstan with $78.63 million, Kyrgyzstan with $32.19 million, and Belarus with $9.5 million of imports were the top destinations for the Iranian exports to the EAEU, according to Latifi.

Iran also imported nearly 4.4 million tons of goods worth about $1.97 billion from the block in the mentioned period, registering 14.5 percent and 41 percent rise in terms of weight and value, respectively, the official said.

Russia with $1.71 billion, Kazakhstan with $234.77 million, Belarus with $12.18 million, Armenia with $4.62 million, and Kyrgyzstan with $372,441 were the top five sources of Iranian imports.

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 is a very important market in the region and the development of ties with this country is of high significance for the EAEU members (Russia, Belarus, Armenia, Kazakhstan, and Kyrgyzstan).

The free trade agreement between Iran and this union has laid the ground for the expansion of trade ties between the two sides.

The agreement with the bloc has increased Iran’s exports to the EAEU member states significantly, which is a turning point for Iran's plans for boosting non-oil exports during the US sanctions.

 

   
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Resource: iribnews.ir
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