TEHRAN- The value of trade between Iran and the members of the Eurasian Economic Union (EAEU) reached $2.112 billion since the implementation of the preferential trade agreement on October 27, 2019, the spokesman of the Islamic Republic of Iran Customs Administration (IRICA) announced.

Ruhollah Latifi said $1.528 billion of the mentioned figure has been the share of Iran’s imports and $584 million was gained from the exports, IRNA reported on Monday.

The IRICA spokesman said that 53 percent of Iran-EAEU trade has been entitled to the preferential tariffs.

On May 12, head of Iran’s Trade Promotion Organization (TPO) announced that the export of the commodities subjected to preferential tariffs from Iran to the Eurasian Economic Union’s member states had risen 85 percent since the implementation of the agreement between the two sides.

Hamid Zadboum also said that 13 percent of Iran’s imports from the EAEU are subjected to the preferential tariffs, while 49 percent of the country’s exports to the block is subjected to those tariffs.

The official said that Iran’s exports to the EAEU member countries are more variable compared to its imports from those states, adding exports can be even more expanded.

Iran and Eurasian Economic Union 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 high 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 the Islamic Republic plans for boosting non-oil exports during the U.S. sanctions.

MA/MA