IRAN NEWS ECONOMIC DESK

TEHRAN – Head of Iran’s Trade Promotion Organization says the trend of Iran’s non-oil exports in all categories enjoy positive trend and with easing the repatriation of forex resulted from exports to the national economic cycle, the current trend positive will continue.

Speaking in the first meeting of Foreign Trade Monitoring Committee yesterday, Hamid Zadboum said that the country exported $12 billion worth of non-oil goods to 17 target countries in the first half of the current Iranian calendar year (from March 21 to Sept. 22).

He stated that the export growth trend in all non-oil commodities and products is positive and with opening Letter of Credit (L/C) and facilitating export currency, this positive trend will continue.

Easing import process versus export for accelerating repatriation of export currency to the economy of the country was an important move which was approved at the necessary follow up by the Ministry of Industry, Mine and Trade and in cooperation with the responsible organizations at the Government’s Economic Coordination Board.

Secretary of Supreme Council of Promotion of Non-Oil Export pointed to the promotion of export of non-oil commodities to 17 prioritized target countries and put the total value of non-oil products exported to these countries in the first half of the current year at over $12 billion.

Turning to the export growth of non-oil products to Eurasia since Nov. 2019 to August 22, 2020, he said that export of products to five Eurasian countries within the framework of the Preferential Trade Agreement (PTA) registered a 65 percent growth, TPOI chief Zadboum underscored.

He went on to say that the structure of Iran’s preferential trade agreement with Eurasian Economic Union (EEU) should be pursued based on implementing the win-win trade policy and development of trade relations in line with the pre-planned goals.

Zadboum reiterated that development of non-oil exports should turn into a national determination especially for the state organs in the macro level, adding that the U.S. cruel sanctions have created huge opportunities for the country and by removing the domestic challenges all should help the country to materialize forex-earning through these opportunities.

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IRAN NEWS ECONOMIC DESK

TEHRAN – According to the latest report released by Iran’s Trade Promotion Organization, Iran’s exports to Eurasian Economic Union (EEU) states have grown by 6 percent.

According to report Iran’s exports to EEU from mid-November 2019 to August 21 have grown 6 percent comparing to the same period in the preceding year.

The report shows that Russia tops the EEU countries for Iran’s exports while Iran has had the lowest exports to Belarus. By the way Iran has had the most imports from Russia and the least from Kyrgyzstan.

According to the statistics of Iran Customs Administration Office, the total trade volume of Iran with five members of EEU in the first five months of the current year has stood at $2.79b which shows 6 percent growth comparing to the same period last year ($2.63b).

Meanwhile the total volume of Iran’s exports to EEU member states between mid-November 2019 and August 21, 2020 has been $833.9m which shows 21 percent growth comparing to the same period in the preceding year ($679.8m).

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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.

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TEHRAN (Iran News) – The export of some highly-demanded goods to Eurasia was facilitated after the implementation of a preferential trade deal with Iran, said the head of the Export Promotion Committee of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), adding that the volume of trade is rising for these items.

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EEU includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.

He also said that the international community must counter the United States’ unilateralism.

“The international community must take a firm decision and also take effective actions to counter the United States’ unilateralism and hostile approach,” Rouhani suggested.

He added, “The international system is based on multilateralism and cooperation among the members of the international community. All countries are duty bound to counter unilateralism based on their international commitment and responsibility and in line with protecting global security and stability.”

He noted that Washington has adopted the approach of unilateralism and violation of international agreements which must be countered.

The president said the United States is using dollar as a weapon.

“U.S. hostile moves and its use of dollar as a weapon will lead to economic terrorism and affects the ordinary lives of people,” Rouhani remarked.

Pointing to the 2015 nuclear deal, known as the JCPOA, Rouhani called the deal an “effective example of diplomatic success” and said that the signatories to the pact and also member states to the United Nations must support it.

“The Islamic Republic of Iran expects signatories to the JCPOA to take actions in line with implementing it. Under the current sensitive situation, it is essential to support this achievement of multilateralism in order to improve international cooperation, security and stability,” he said.

Elsewhere, he noted that Iran supports cooperation within the framework of economic and political blocs such as the EEU, the Shanghai Cooperation Organization (SCO) and the Economic Cooperation Organization (ECO).

‘Iran’s policy is to protect regional security’

In his speech, Rouhani also said that Iran’s policy is to protect security in the Middle East region, especially in the Persian Gulf.

“Peace and security in the Persian Gulf, Sea of Oman and Strait of Hormuz should be provided by the regional countries. As I said at the United Nations General Assembly summit, I invited all the countries influenced by developments in the Persian Gulf and Strait of Hormuz to join the Hormuz Peace Endeavor,” the president insisted.

During his speech at the 74th UN General Assembly on September 25, Rouhani said, “Based upon the historical responsibility of my country in maintaining security, peace, stability and progress in the Persian Gulf region and Strait of Hormuz, I would like to invite all the countries directly affected by the developments in the Persian Gulf and the Strait of Hormuz to the ‘Coalition for Hope’, meaning Hormuz Peace Endeavor.”

In a tweet on Thursday, Iranian Foreign Minister Mohammad Javad Zarif invited all regional states to join Iran’s initiative for securing the Persian Gulf and the Strait of Hormuz.

Zarif said the initiative entails “dialogue, confidence-building, freedom of navigation, energy security, non-aggression, and non-intervention”.

Foreign Ministry spokesman Abbas Mousavi said on Monday that Iran will soon announce details of President Hassan Rouhani’s “Hormuz Peace Endeavor”.

“Details of the plan will be announced soon in written format, especially to the eight countries that we invited to join the coalition. This plan seeks to create peace and security in the region,” he said during a press conference.

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Accordingly, he added, the agreement will be implemented in Nov. 2019.

Back in July 10, in a phone conversation with Armenian Prime Minister Nikol Pashinyan, the Iranian President Hassan Rouhani had expressed happiness over the approval of agreement for forming free trade zone between the Islamic Republic of Iran and the Eurasian Economic Union (EAEU) member states at the parliaments of member states, saying that the agreement was forwarded to Ministry of Industry, Mines and Trade of the Islamic Republic of Iran.

He went on to express hope that the implementation of the goals of the union would pave the way for the development of economic and trade relations, as well as being a good beginning for regional economic prosperity.

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