Iran-EAEU Eight-Month Trade Rises 73%: IRICA

Iran’s trade with the members of the Eurasian Economic Union (EAEU) exceeded US$3.62 billion in the eight months to November 21, registering 73% growth compared to the corresponding figure for last year. Spokesman of Islamic Republic of Iran Customs Administration (IRICA) Rouhollah Latifi said on Tuesday that Iran traded 8.56 million tons of commodities with the EAEU members, up 42% in terms of weight, IRNA reported. The country exported over 1.84 million tons of goods worth about US$763.7 million to the EAEU in the period under review, registering 18% growth in terms of value compared to the corresponding figure for last year.

During the said eight months, Russia with 700,116 tons (US$375.23 million), Armenia with 768,826 tons (US$210.16 million), Kazakhstan with 318,205 tons (US$114.68 million), Kyrgyzstan with 28,695 tons (US$52.48 million), and Belarus with 5,330 tons (US$11.08 million) of imports were the top destinations for Iranian exports to the EAEU, according to Latifi. Iran also imported 6.72 million tons of goods worth about US$2.86 billion from the block in the mentioned period, registering 66% and 98% rise in terms of weight and value, respectively, the official said.

Russia with 5.777 million tons (US$2.56 billion), Kazakhstan with 942,271 tons (US$277.69 million), Belarus with 4,412 tons (US$16.94 million), Armenia with 2,235 tons (US$6.80 million), and Kyrgyzstan with 524 tons (US$933,753) 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 great 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 US sanctions. - Iran Daily