TEHRAN- Iran signed a memorandum of understanding with Russia and Kazakhstan for temporary imports of wheat from those countries, Iranian deputy agriculture minister announced on Sunday.

Speaking to the media on the sidelines of a conference on trade opportunities in agriculture sectors of Iran and Eurasian Economic Union (EAEU)’s countries, Ali-Akbar Mehrfard, the deputy agriculture minister for development of agricultural trade and industries, said this MOU has been inked based on the temporary trade agreement between Iran and EAEU’s member states, IRNA reported.

As the capacity of Iran’s flour mill plants is two folds more than the domestic demand, temporary imports of wheat for flour production can be an advantage for the country’s economy, the official noted.

The MOU with Russian and Kazakhstan is on temporary imports as well as transit and swap of wheat, Mehrfard said and added that wheat swap has been mentioned but details is not specified yet.

The trade agreement between Iran and the Eurasian Economic Union officially came into force on October 27, and its implementation was officially notified to customs offices across Iran last week.

The accession of Iran into EAEU is be a major breakthrough for Iran’s trade as it would allow exports on zero tariffs for 70 products while 503 other items would enjoy lowered duties, according to Iranian Energy Minister Reza Ardakanian.

“We can supply our goods and products to their markets through the land borders of the Republic of Armenia as well as sea borders of the Russian Federation and Kazakhstan,” the minister added.

MA/MA