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Home Economy Economy News Trade between Iran, EAEU increases 6% in 11 months

Trade between Iran, EAEU increases 6% in 11 months

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Trade between Iran, EAEU increases 6% in 11 months

TEHRAN – Trade between Iran and the members of the Eurasian Economic Union (EAEU) increased by six percent during the 11-month period from October 27, 2018 to August 22, 2019, compared to the same period in the previous years, data released by the Trade Promotion Organization (TPO) of Iran showed.

Based on the TPO data, Iranian exports to the mentioned union increased by 21 percent, while the imports experienced a one percent raise, the TPO portal reported.

Iran exported $823. 9 million worth of commodities to the EAEU nations in the mentioned period compared to the $679. 8 million in the same corresponding period of time.

As reported, Russia had the highest amount of imports from Iran among the five Eurasian Economic Union member states during the period under review and the lowest exports were made to Belarus.

Meanwhile, most imports came from Russia and the least from Kyrgyzstan, the data indicated.

According to the Islamic Republic of Iran's Customs Administration (IRICA) data, Iran’s trade with the member of the Eurasian Economic Union during the first five months of the current Iranian calendar year (March 19-August 21) stood at $2. 91 billion, up six percent compared to the same period last year in which the figure stood at $2. 635 billion.

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.

This agreement, which has laid the ground for the expansion of trade ties between the two sides, consists of two commodity lists, including the preferences granted by the Eurasian Economic Union to Iran (504 items) and the preferences granted by Iran to that union (390 items). These preferences are in the form of tariff reduction or tariff fixation (no tariff increase for the other party) in the base year.

 

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