Iran-EAEU trade sees significant growth

Iran’s trade relations with the Eurasian Economic Union (EAEU) have experienced substantial growth, with trade volumes increasing by more than 2.5 times since the implementation of a preferential trade agreement in 2018.

Speaking at a meeting with members of the Tehran Chamber of Commerce, Industries, Mines, and Agriculture, Mohammad-Ali Dehghan Dehnavi, head of Iran’s Trade Promotion Organization (TPO) revealed that Iran’s exports to the EAEU have surged by over 138 per cent since the agreement came into effect, reflecting a robust economic partnership.

The preferential trade agreement, which covers approximately 862 commodity items, was introduced on October 27, 2019, and has catalysed increased bilateral trade between Iran and EAEU member states.

Looking ahead, Iran is pursuing the creation of a free trade zone in Armenia, a member of the EAEU, to further boost its export capabilities in the region. Dehnavi further emphasised that the proposed free zone presents a valuable opportunity for Iranian businesses to expand their operations.

Notably, Iran and the EAEU signed a Free Trade Agreement (FTA) in December of last year at the EAEU Summit in St. Petersburg, Russia. This agreement is expected to deepen cooperation and lead to even greater trade exchanges in the years to come.

Attribution: Iran Press

Subediting: M. S. Salama