Breaking: Iranian exports to Eurasia up 30% in 12 months
TEHRAN – The value of the Iranian exports to the members of the Eurasian Economic Union (EAEU) rose by 30 percent during the 12-month period from October 27, 2019, to October 26, 2020, compared to the preceding 12 months, the Trade Promotion Organization (TPO) of Iran said in a report.
Based on the report, Iran exported 2.863 million tons of goods worth $1.091 billion to the EAEU member countries in the said period, compared to the 2.657 million tons valued at $842 million in the previous year’s same period.
The exports from the Islamic Republic to the mentioned union also increased by eight percent in terms of weight.
The value of total non-oil trade between Iran and the members of the Eurasian union reached $3.419 billion in the period under review, up eight percent compared to the figure for the same period in the previous year, the data released by the Industry, Mining, and Trade Ministry showed.
According to the mentioned report, Iran also imported 6.696 million tons of commodities worth $2.328 billion in the mentioned period, registering a 20 percent and a 0.04 percent increase, respectively, compared to the preceding 12 months.
The increase in the trade between the two sides comes after signing a free trade agreement which allows Iran to trade nearly 862 commodity items subjected to preferential tariffs with the mentioned union.
Iran and Eurasian Economic Union reached the mentioned free trade agreement in October 2018. This interim agreement which makes the formation of a free trade area between Iran and the EAEU possible, 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 agreement with the bloc has increased Iran’s exports to the EAEU member states significantly, which is a turning point for the Islamic Republic’s plans for boosting non-oil exports during the U.S. sanctions.