Iran-Eurasia bilateral trade hits $2.5bln in 11 months

Tasnim – The total value of bilateral trade between Iran and the member states of the Eurasian Economic Union (EAEU) over the past 11 months has reached $2.5 billion, data released by the Iranian Customs showed.

In the first 11 months of the current Iranian year (March 2019 – March 2020), the value of Iran’s exports to the EAEU countries amounted to about $1.245 billion, showing a 105% increase compared to the same period last year.

In the first 11 months of the last Iranian calendar year, the exports had amounted to about $550.4 million, the customs data showed.

The value of Iranian imports from the EAEU members over the past 11 months reached $1.204 bln.

According to the Spokesman for the Iranian Customs Seyed Ruhollah Latifi, the bilateral trade between the two sides in the mentioned period stood at about $2.5 bln.

In May 2018, Iran signed an agreement with the Eurasian Economic Union members in Kazakhstan.

Once the free trade zone comes into force, the EAEU will grant Iran tariff concessions on hundreds of items.

Russia’s State Duma and the Federation Council ratified the agreement to establish Iran-EAEU free trade zone in November 2018.

In December 2019, Chairman of the Trade Promotion Organization of Iran Hamid Zadboom said an accord between Tehran and the EAEU countries will turn into a free trade agreement within the next two or three years.

He also noted that 862 goods will be subject to the free trade agreement in the first stage.

The Eurasian Economic Union and Iran started to develop the agreement on the free trade in 2015, though the signing was postponed several times.