Iranian official talks of importance of Russia's EAEU role for Iran

Business Materials 16 July 2020 15:17 (UTC +04:00)

BAKU, Azerbaijan, July 16

By Elnur Baghishov – Trend:

Russia's role in terms of trade between the Eurasian Economic Union (EAEU) member countries is greater and more important for Iran, Director General of Europe and America at Trade Promotion Organization of Iran Behrouz Olfat told Trend.

The director added that with the implementation of a memorandum on temporary preferential trade between Iran and the EAEU in October of last Iranian year encouraged Iranian businessmen to trade with EAEU countries, especially Russia, because the trade costs have been decreased.

A temporary trade memorandum was signed between Iran and the EAEU on October 27, 2019. In accordance with the memorandum, 862 kinds of products will be traded upon preferential tariffs between the two sides.

Iran will export 502 kinds of products, mainly pistachios, kiwi, oil products, raisins, cucumbers, cabbages, dates, medicines, cement, copper, and methanol, and import 360 kinds of products including barley, animal feed, vegetable oil, cathode, etc.

The value of trade turnover between Iran and EAEU reached $1.78 billion from October 27, 2019, to April 25, 2020. During this period, 1.34 million tons of products worth $539 million were exported to the union, and the largest share (53 percent) was exported to Russia. During this period, Iran imported 3.76 million tons of products worth $1.24 billion from the Eurasian Economic Union member countries.