Preferential trade with Eurasia exceeds $194m in a month

December 14, 2019 - 15:17

TEHRAN - Head of Islamic Republic of Iran Customs Administration (IRICA) says the value of Iran’s preferential trade with Eurasian countries has reached $194.2 million since the trade agreement with the Eurasian Economic Union (EAEU) was implemented on October 27 up to the end of November.

In the mentioned period Iran exported $28.2 million worth of commodities to the EAEU nations while importing $166 million of commodities through preferential trade, Mehdi Mirashrafi told IRIB on Saturday.

According to the official, the value of Iran’s total (preferential and non-preferential) exports to Eurasia stood at $137.9 million in the mentioned period, while the total imports reached $193 million.

“In the current situation [the U.S. sanctions], the Eurasian countries have a very good potential [for trade] that we need to utilize this capacity to boost our exports and also to import our needed commodities,” Mirashrafi said.

He also noted that the two sides of the agreement are trying to avoid using dollar in their economic exchanges and use their national currencies or other common currencies like the euro instead.

After several years of negotiations, Iran and EAEU reached a free trade agreement earlier this year and the agreement officially came into force on October 27.
Based on this agreement, about 840 commodity items are subject to preferential tariffs, which means tariffs on some goods are reduced and for some commodities, tariffs are levied.

Iran is a very important market in the region and development of ties with this country is of high significance for the EAEU members.

Signing the free trade agreement between Iran and this union has laid the ground for the expansion of trade ties between the two sides.

EF/MA

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