Memorandum with Eurasian Economic Union to increase Iran’s trade by $15B
BAKU, Azerbaijan, Nov. 10
By Elnur Baghishov - Trend:
Iran’s trade memorandum with Eurasian Economic Union will increase Iran’s trade by $15 billion, said Hamid Zadboum, director general of Iran’s Trade Promotion Organization and deputy minister of industry, mine and trade, Trend reports via Mehr news agency.
Zadboum noted that the memorandum between Iran and the Eurasian Economic Union is designed for three years.
The market of the Eurasian Economic Union is worth $866 billion, the deputy minister added, noting that however, Iran’s share in this market is below 0.3 percent.
“In the future, the members of this union will increase, and this will be for the benefit of Iran’s trade,” Zadboum said.
The deputy minister reminded that Iran’s trade turnover for the first six months (March 21 - September 22) of this Iranian year (began March 21, 2019) was $42 billion. About $21 billion of this trade accounted for exports, Zadboum added.
During the reporting period, Iran’s exports decreased by 22.5 percent in weight and 10 percent in value compared to the same period last year, the deputy minister said.
Zadboum noted that Iran’s imports decreased by 5.5 percent in value, while remained the same in weight.
On Oct. 27, a temporary trade memorandum was signed between Iran and the Eurasian Economic Union. According to the memorandum, 862 types of products will be traded at a discount rate between the two parties.
Iran will export 502 types of products and import 360 types of products. Pistachios, kiwi, oil products, raisins, cucumbers, cabbage, persimmon, medicines, cement, copper, methanol will be Iran’s main export products. Meanwhile, barley, animal feed, oils, different cathodes, and timber will be mainly imported in the country.