BAKU, Azerbaijan, Dec. 2
By Elnur Baghishov - Trend:
If the use of the US dollar in Iran’s joint trade with the Eurasian Economic Union (EAEU) is abolished, the trade turnover between the two parties will greatly increase, Iran’s Deputy Minister of Industry, Mine and Trade Hossein Modarres Khiabani said at the conference “Trade with Eurasia”, Trend reports via Mehr.
Khiabani noted that trade of the EAEU with the world has reached $900 billion, adding that Iran’s share in this trade is $2.6 billion.
“The creation of a product barter mechanism besides settlements in national currencies should be in the spotlight,” the deputy minister said.
Khiabani added that Iran’s trade with the EAEU accounts for 2 percent, and about 50 percent of this share accounts for Iran’s trade with Russia.
The deputy minister said that 50 percent of Iran’s trade with Russia is related to agricultural products.
“Strengthening trade with the EAEU requires infrastructure in the areas of banking, insurance, customs, transport, transit, technical issues, standardization and healthcare,” Khiabani noted.
On October 27, 2019, the Preferential Trade Agreement (PTA) between Islamic Republic of Iran and EAEU came into effect. In accordance with the memorandum, 862 kinds of products will be imported and exported upon the preferential tariffs between the two parties. As agreed, Iran will export 502 kinds of products and import 360 kinds of products.
Iran will mainly export pistachios, kiwi, oil products, raisins, cucumbers, cabbages, persimmons, medicines, cement, copper and methanol. The country will mainly import barley, animal feed, oil, cathode and wood from the EAEU member states.