TEHRAN (Iran News) – The value of Iran’s exports to the Eurasian Economic Union (EEU)’s member states rose 72 percent during the first ten months of the current Iranian year (March 21-December 21, 2019) compared to the same period last year, announced the spokesman of the Islamic Republic of Iran Customs Administration (IRICA).

Mentioning the significant growth of trade between Iran and EEU since the implementation of the free trade agreement (FTA) between the two sides on October 27, 2019, Rouhollah Latifi announced that the weight of Iran’s export to those countries increased 114 percent during the mentioned 10-month period, IRNA reported.

According to the officials, Iran exported 2.683 million tons of commodities worth over $861 million to the EEU member states during the first ten months of the present Iranian year.

Iran’s imports from the EEU has also risen to 2.563 million tons valued at $1.1 billion in the mentioned time period, indicating a five-percent fall in worth, and a 41-percent rise in weight, year-on-year.

After several years of negotiations, Iran and the EEU finally reached a free trade agreement in 2018, based on which about 862 commodity items are subject to preferential tariffs.

The interim agreement enabling the formation of a free trade area between Iran and the EEU was signed on May 17, 2018, and officially came into force on October 27, 2019.

Iran is a very important market in the region and the development of ties with this country is of great significance for the EEU members (Russia, Belarus, Armenia, Kazakhstan, and Kyrgyzstan).

The free trade agreement between Iran and this union has laid the ground for the expansion of trade ties between the two sides.

Signing the agreement with the bloc has increased Iran’s exports to the EEU member states significantly, which is a turning point for Iran to boost its exports during a time of sanctions.

The Iran-EEU free trade agreement is also an opportunity for Iran to reach its goal of boosting exports to its neighbors, which the country is seriously pursuing.

While the FTA has facilitated Iran’s trade with EEU member states, it is a limited agreement, valid for three years, so traders should take the most advantage of the current condition.

The minister for trade of the Eurasian Economic Commission has said that the temporary agreement between Iran and EEU can be turned into a permanent one after three years.