TEHRAN - The value of trade between Iran and the members of the Eurasian Economic Union (EAEU) exceeded $1.957 billion in the first five months of the current Iranian calendar year (March 21 – August 22) to register 96 percent growth compared to the previous year’s same period, IRNA reported.

According to Hossein Kakhaki, director-general of the International Cooperation Department of the Islamic Republic of Iran Customs Administration (IRICA), Iran exported over $420.823 million worth of commodities to the EAEU members in the period under review, 37 percent more than the figure for the previous year’s same period.

During the said five months, the Russian Federation with $222.743 million, Armenia with $99.683 million, Kazakhstan with $63.677 million, Kyrgyzstan with $26.981 million, and Belarus with $7.738 million of imports were the top destinations for the Iranian exports to the EAEU, according to Kakhaki.

Iran’s imports from the block exceeded $1.526 billion in the mentioned period, to register a 59 percent rise compared to the same period in the previous year, the official said.

Russian Federation with $1.327 billion, Kazakhstan with $195.584 million, Belarus with $9.616 million, Armenia with $3.542 million and Kyrgyzstan with $269,000 were the top five sources of Iranian imports.

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's plans for boosting non-oil exports during the U.S. sanctions.

EF/MA