Iran-EAEA Monthly Volume of Trade Hits $331 Million

Head of Iran’s Customs Administration Mehdi Mirashrafi announced that the volume of bilateral trade between his country and the Eurasian Economic Union (EAEU) in the last month of the current local calendar year (from Oct. 21 to Nov. 22) stood at $330.9 million.

Mirashrafi said that Iran exported $28.2 million worth of products to Eurasian markets in the last month. adding that the products imported from Eurasia into Iran in the same period was worth $166 million.

It has been for more than a month since the implementation of Preferential Trade Agreement (PTA) between Iran and Eurasian Economic Union (EAEU) on Oct. 27. Mir-Ashrafi added.

He put Iran’s total preferential and non-preferential exports to Eurasia in the same period at $137.9 million. while the total volume of products imported into the country stood at $193 million.

In the current situation. good opportunities exist for the country to make the best use of the lucrative Eurasian market in the field of importing and exporting required products. he added.

The deputy minister of economy added. Given the request and agreement between the two sides. efforts will be made to use regional currencies for exchange of goods and products.

Early in this month. Iranian Energy Minister Reza Ardakanian said that there are many reasons that Tehran is a trustworthy trade partner for the countries of the Eurasian Economic Union (EUEU). calling for further expansion of commercial ties between the two sides.

After several years of negotiations. Iran and Eurasia signed a provisional free trade agreement in 2018. and we intend to turn it into a free trade agreement after three years of trial. Ardakanian said in a major trade Iran-Eurasia conference in Tehran this morning. adding that many factors. including the geographical position. make Iran a reliable partner for the Eurasian states.

The Iranian minister stressed that the three-year period ahead is very important in terms of the implementation and results of such agreement.

He urged the executors of such schemes to work closely with each other to ensure the smooth implementation of the agreement and already provide the necessary premises for the expansion of free trade negotiations that begin next year.

Ardakanian called for making all-out efforts to remove the barriers to the realization of the Eurasia Agreement. noting the deal could pave the way for the expansion of economic relations and the development of trade between Iran and the member states of the Union and would lead to the economic development of these countries.

Iran. as one of the important countries in the Middle East and has a neighborly advantage with the Central Asian and Caucasian countries. can link the interests of these countries and enjoy them as well. emphasized Iranian Energy Minister Reza Ardakanian.

In December 2018. Iran and the Eurasian Economic Union finalized a temporary agreement previously reached on the formation of a free trade zone. The deal’s main advantage is a reduction in import duties and the establishment of a transparent trade environment.

Last month. Russian Foreign Minister Sergei Lavrov said that the Eurasian Economic Union (EAEU) will further strengthen its ties with Iran in the future.

Preliminary agreements have been reached with Iran on joining the EAEU based on which further strengthening of relations in the future will take place. Lavrov told FNA in Bishkek.

The trade exchanges between the Eurasian Economic Union (EAEU) and its partners must be carried out using their local currencies as the dollar has lost its credibility. he added.

The Russian top diplomat also said that the EAEU is actively expanding its cooperation with third countries. with some of which it has signed agreements to establish a free trade zone. 

He further noted that some South American. Pacific Ocean countries. as well as Egypt. have also expressed their interest in cooperating with the EAEU.

He also added joining the EAEU will pave the way for removing tariffs and other barriers.

Earlier in last month. Managing Director of Aras Free Trade Zone (FTZ) Mohsen Nariman said that the 280 million population market of the EAEU with an $800 billion worth economic capacity was full of opportunities for Iran. adding that his country’s annual trade with the union was expected to reach $15 billion.

The Eurasian Economic Union is an economic union of states located in the central and Northern Asia and Eastern Europe. The Treaty on the Eurasian Economic Union was signed on 29 May 2014 by the leaders of Belarus. Kazakhstan and Russia. and came into force on 1 January 2015.

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