TEHRAN - The value of trade between Iran and the members of the Eurasian Economic Union (EAEU) exceeded $3.626 billion in the first eight months of the current Iranian calendar year (March 21 – November 21), to register 73 percent growth compared to the previous year’s same period, the spokesman of the Islamic Republic of Iran customs administration (IRICA) announced.

Ruhollah Latifi put the weight of Iran-EAEU trade at over 8.566 million tons, showing 42 percent growth year on year.

According to the official, Iran exported 1.839 million tons of products worth $763.639 million to the EAEU members in the period under review, with 18 percent rise in value, and no change in weight.

Iran’s imports from the block exceeded 6.726 million tons worth $2.862 billion in the mentioned period, to register a 98 percent rise in value, and a 66 percent growth in weight, compared to the same period in the previous year, the IRICA spokesman added.

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.

MA/MA