Iran Boosts Trade with Eurasian Economic Union
The trade between Iran and the EAEU member states exceeded 3.38 million tons worth $1.8 billion during the first seven months of the current Persian year (started on March 21), Iran’s Customs Administration reported.
It added that Russia was Iran’s main trade partner among the countries under review with more than 2.3 million tons worth $1.32 billion. It was followed by Armenia with 524,076 tons worth 229.84 million and Kazakhstan with 506,724 tons worth $181.28 million.
Iran’s exports to EEU members stood at 1.63 million tons worth $760.25 million during the period.
The preferential trade agreement between the EAEU and Iran on mutual trade entered into force in October 2019.
Implementation of the agreement will boost mutual trade for both trading partners, with relatively greater gains expected for the EAEU’s exports to Iran.
The EAEU countries and Iran also have a temporary agreement to work on forming a free trade zone.
The temporary agreement was signed in 2018 and was initially set to expire in October this year, but at the end of 2021 the Supreme Eurasian Economic Council approved its extension for three years or until a permanent agreement goes into effect.
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