BAKU, Azerbaijan, April 29. Iran intends to increase the value of its trade turnover with the member states of Eurasian Economic Union (EAEU) to $10 billion annually, over the next two years, Director General of Islamic Republic of Iran Customs Administration (IRICA), Mohammad Rezvanifar said, Trend reports citing the administration.
He made the remark at the meeting with Eldar Alisherov, minister in charge of Customs Cooperation of the Eurasian Economic Commission (EEC) in Tehran on April 29.
“The value of trade turnover between Iran and the EAEU member states reached $3.3 billion in the last Iranian year (March 21, 2022 through March 20, 2023). Of that, $1.5 billion accounted for Iran's exports to member states, while $1.7 billion for Iran's imports from them,” Rezvanifar noted.
He added that after Iran signed a free trade memorandum with the EAEU, the trade turnover between Iran and the EAEU member states increased by 32 percent.
According to director general, at the same time, 1.8 million tons of cargo were transited between Iran and EAEU members for the last Iranian year.
Rezvanifar also pointed out that electronic exchange of customs data, bilateral cooperation in the field of exchange of tax data, cooperation for the development of transit within the framework of the E-TIR project are Iran’s priority programs for the development and simplification of trade with EAEU member states.
At the meeting, Alisherov also said that with the implementation of the EAEU free trade memorandum with Iran, the trade turnover between the two sides has increased to an extent that attracts attention, and it is forecasted that the trade turnover will increase further with the full implementation of the provisions of this memorandum.
As of October 27, 2019, a temporary trade memorandum has been in force between Iran and the EAEU. In accordance with the memorandum, 862 kinds of products are being imported and exported upon preferential tariffs between the two sides.
Iran exporting over 500 kinds of products and imports some 360 kinds of products as part of the memorandum.
Meanwhile, Iran's non-oil trade turnover amounted to over 159 million tons worth approximately $113 billion in the last Iranian year (March 21, 2022 through March 20, 2023), which is an increase 11.2 percent in value compared to the preceding year (March 21, 2021 through March 20, 2022).
Overall, Iran exported more than 122 million tons of non-oil products worth approximately $53.2 billion in the last Iranian year, which increased by 10 percent in value, while it did not change in volume compared to the preceding year.
At the same time, Iran imported a total of 37.1 million tons of goods worth approximately $59.7 billion for the last Iranian year, which is an increase of 13 percent in volume, while a decrease of 10 percent in volume compared to the preceding year.
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