The TCCIMA report claims that 2.4m tons of goods, excluding crude oil, worth $933m have been exported to the EAEU member states in 11 months this year which indicates a 17 percent and 4 percent decline compared to the same period in terms of weight and value.

As per the report, Iran’s imports from those countries in the mentioned period have been around 2.9m tons and valued at $1b (3 percent of the total value of the imported goods) and the figure shows one percent rise in terms of weight and 14 percent decline in terms of value.

By the way, Iran’s exports to Armenia and Russia have been more than other EAEU members in this period comparing t the preceding year and it has experienced a 15 and 21 percent rise, respectively.

Iran’s exports in terms of weight have increased to Belarus and Russia 21 and 15 percent while the country’s exports to other destinations like Armenia, Kyrgyzstan, and Kazakhstan have declined in terms of weight. By the way, except for Russia and Belarus, Iran’s exports to other EAEU member states have slumped in terms of value.

Russia has been the top exporter to Iran with exporting goods worth $956m and the figure also shows an 11 percent drop compared to the same period last year and it shows a 7 percent decline.

The TCCIMA report also claims that Iran’s trade balance with EAEU states in 11 months this year has been minus $84m and the figure shows $122m improvement.

EAEU’s trade volume with the world is around $850b annually and their exports are valued at $518b and in exchange, their imports are around $231b while Iran’s share of this market is $2.5b and its exports to those countries are around $1.6b.

Agro products especially grain are the major imports of Iran from EAEU states while agro-products especially fruits and dried fruits are its exports to those states.

Iran and EAEU signed an agreement in November 2020 while Iran’s free trade with those states is to start after 2022.

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He said using the regional trade experience is a must for boosting exports and Iran’s presence in the EAEU and the way it can accept its commitments in accordance with the country’s development goals should be put on the agenda of the custodians of the country.

The Islamic Republic of Iran exported $594 million worth of non-oil products to Eurasian Economic Union (EAEU)’s member states.

Meanwhile speaking in the inaugural ceremony of the forum, Chairman of Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) Masoud Khansari said that the country exported $594 million worth of non-oil products to Eurasian Economic Union (EAEU)’s member states and imported $396 million worth of non-oil products from EAEU in return.

In a competitive economy, countries grow, he said, adding, “Accordingly, unions were set up in east Asia and could settle both security and economic challenges.”

He then pointed to the issue of transport as the most important issue in economic relations between Iran and Eurasia, and added, “Given the suitable situation of road fleet, we can increase the transport via land among countries,”

Elsewhere in his remarks, Khansari pointed to the issue of exchanging technology and technical know-how between Iran and the Eurasian Economic Union and stated, “In the field of training, we enjoy the high capability to expedite bilateral exchanges and communications.”

Turning to the issue of single currency unit between EAEU member states, Khansari added, “Using a currency pact instead of U.S. dollar can reduce the monopoly of the dollar so that it will be the benefit of all member states of the Eurasian Economic Union.”

He then referred to the initiative of “One Belt One Road” that can be a successful model between countries for the development of regional peace and stated, “It is hoped that the Islamic Republic of Iran would enhance its ties with EAEU’s member states in line with realizing most economic objectives.”

Meanwhile addressing the forum, the chairman of the Board of Directors and Managing Director of the Export Guarantee Fund of Iran Abdollah Sajjadi said that Iran’s Export Guarantee Fund to Eurasian Economic Union countries covers up to $800 million.

Referring to the limitations of Iran’s banking system due to outrageous U.S. sanctions, he stated that the issuance of mutual guarantees with the help of peer institutions is one of the new strategies of this supporting institution to secure foreign trade.

Pointing to the allocation of $800 million to Eurasian Economic Union countries, including Russia, Kazakhstan, Armenia, Kyrgyzstan, and Belarus, he said that supporting exports through covering Eurasian political and commercial risks will be the fund’s top priority.

Meanwhile, Kazakhstan ambassador to the Islamic Republic of Iran called for setting up a joint bank between the Islamic Republic of Iran and the Republic of Kazakhstan.

Addressing the forum, Askhat Orazbay stated that unjust and unilateral sanctions imposed against Iran should be lifted.

Setting up a joint bank between Iran and Kazakhstan as well as launching a bartering system between the two countries is mandatory, he added.

As long as sanctions are not lifted, the two countries should focus on the products that are not subject to sanctions, the envoy stipulated.

Turning to the adverse effects of sanctions, he said that sanctions have reduced volume of trade and business between the two countries extremely, he said, adding, “Under such circumstances, customs duties o the products that are not subject to sanctions should first be reduced and secondly, a bilateral trade agreement should be inked between the two countries regarding free trade zone, so that Kazakhstan welcomes the two options wholeheartedly.”

He lashed out at the lack of a banking system between Iran and Kazakhstan and reiterated, “Lack of an integrated banking system was one of the main problems between the two countries so that it is proposed to set up a joint bank between Iran and Kazakhstan.”

Attended by senior officials including the TCCIMA Head Masoud Khansari, the Trade Promotion Organization (TPO) Head Hamid Zadboum, and the Head of Islamic Republic of Iran Customs Administration (IRICA) Reza Mir-Ashrafi, the event was held in collaboration with Persian Gulf Studies Center (PGSC) and the Iran-Russia, Iran-Kazakhstan, and Iran-Armenia Joint Chambers of Commerce.

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IRAN NEWS ECONOMIC DESK

TEHRAN – According to the statistics released by Tehran Chamber of Commerce, Industry, Mine and Agriculture (TCCIMA), Iran’s trade with Eurasian Economic Union (EAEU) countries stood at around $1.4b in the first 8 months in the current Iranian calendar year.

According to the report, the value of Iran’s trade of goods with EAEU states, excluding the crude oil trade, has been around $1.4b in the first eight months of the current Iranian calendar year which accounts for 2.8 percent of the total value of Iran’s trading goods and the figure shows 11 percent decline comparing to the same period last year.

The report shows that in the first eight months, Iran has exported 1.8m tons of non-oil goods worth $639m to the EAEU member states that shows 20 percent decline in terms of weight and 6 percent in terms of value comparing to the same period last year. TCCIMA report also indicates that Iran’s exports to Russia and Belarus have increased considerably in terms of weight and value while its exports to three countries of Armenia, Kazakhstan and Kyrgyzstan have slumped both in terms of weight and value.

EAEU states’ share of Iran’s total goods exports in the first eight months has not witnessed a meaningful change both in terms of weight and value comparing to the same period last year and with only 0.2 percent rise has reached 2.4 percent.

Among Iran’s trade partner in the EAEU, Iran’s exports to Russia in the first eight months have stood at $285m while the figure has been $233m for Armenia and in return Iran has had most of its imports from Russia which is valued at $727m.

Agro and foodstuff items have accounted for major part from Iran’s total exports to five EAEU member states in the eight months which has been around 425m tons of goods worth $330m. The major destinations for Iran’s food and agro exports to the EAEU states have been Russia, Kazakhstan and Armenia. The figure for exports to Russia is some $246m, to Kazakhstan $44m and to Armenia $23.6m.

Meanwhile the report claims that Iran’s trade balance with EAEU members in the current Iranian calendar year has been negative but the condition has become better in favor of Iran as the negative trade balance has been cut by $90m. The reason for this cut in the negative trade balance is the rise in exports from and decline of imports from Russia and Belarus, and also because of decline in imports from Kazakhstan.

The report also indicates that the trade balance with Russia in the first eight months is still negative with $442m in favor of Russia.

Eurasian Economic Union (EAEU) as an economic union which has started its work since 2015 with five major countries of Russia, Kazakhstan, Belarus, Kyrgyzstan and Armenia and it is in charge of policy-making for macro economy, migration of workforce in direction of free trade and trade agreements.

Iran signed a trade agreement with EAEU in November 2019 and according to the agreement, 860 items of goods are traded between Iran and five EAEU members and Iran is currently negotiating for signing free trade agreement with the union.

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IRAN NEWS ECONOMIC DESK

TEHRAN – In a specialized webinar on food industries and agro products of Iran and Russia which was held by Tehran Chamber of Commerce, economic activists of both countries exchanged views for developing trade relations virtually, and officials of both parties during the webinar vowed to take measures to ease bilateral trade.

According to reports, Tehran Chamber of Commerce in cooperation with Chambers of Commerce of Samara and Saratov regions of Russia as well as the commercial section of Russian Embassy in Tehran held this specialized webinar on trade of agro products and food industries of Iran and Russia.

Over 80 representatives of commercial and production companies of Iran and Samara and Saratov regions participated and they held direct talks for assessing the opportunities for common cooperation after officials of the chambers briefed the participants of the goals behind the webinar.

Addressing the webinar, Deputy Head of International Affairs of Tehran Chamber of Commerce Mr. Hesamuddin Hallaj said that despite geographical proximity and membership of Iran and Russia in Eurasian Economic Union (EAEU), the trade volume of both countries is unacceptable, adding that Tehran Chamber of Commerce is trying, in cooperation and interaction with Russia’s Chamber of Commerce and related organizations with Russia’s foreign trade, to find openings for trade cooperation between private sector enterprises of both countries in trade sector.

He then pointed to the agreement between Tehran Chamber of Commerce and Russia Export Center which was signed early this year in Tehran and noted that this cooperation will have significant role in identification of economic capacities in both states and getting acquainted with economic enterprises and specialized associations.

Hallaj further said almost 80 percent of trade between Iran and Russia in 2019 was in the fields of agro products and foodstuff, adding for this reason this webinar was held especially on these fields and Tehran Chamber of Commerce is trying to hold the similar webinars on specialized fields in 2021.

Meanwhile Russian Embassy’s Trade Representation in Iran, Rustam Ziganshin, said Samara and Saratov regions can be two most active regions with high potentials for cooperation with Iran market.

He also announced the launch of Iran-Russia Trade Club for restoring economic relations between enterprises in both countries and removing the hurdles in way of businesses by both sides through talks with the state and private sectors officials of both countries.

On the Coronavirus pandemic and restrictions of countries for issuing visas, Ziganshin said currently Russia’s Coronavirus Headquarters issues visas, and Iranian companies can get Russian visas from the embassy by bringing introduction letter from Tehran Chamber of Commerce.

He also announced that the representative of Russian Agriculture Ministry will visit Tehran next year as this representative will start its work at the commercial section of Russian Embassy in Tehran to help Iranian enterprises to enter Russia’s market as well consulting and supporting Russian companies in Iran market.

Gorshenin Andrey, head of department on foreign trade relations in Samara Region Economy Ministry, also said that Iran market is a priority for the region and pointed that the economic relations of Iran and Russia is growing.

He said that diversity in exports of Samara Region to Iran is increasing and currently, grain, oil seeds, flour and latex are exported from Samara to Iran and Samara traders buy fruits and vegetables, cement and glass from Iran.

He also called for improving the capabilities and logistics between both states that some meetings are to be held on this issue in upcoming months.

Meanwhile Head of Samara Region Chamber of Commerce Valery Fomichev, addressing the webinar, said that holding such events will help companies in both countries to get familiar with the capacities in both states.

He also announced that soon Samara is to launch chambers of commerce with neighboring countries, adding that with the launch of Iran-Samara Region joint chamber, it is expected the trend for developing bilateral trade ties to accelerate more.

Head of Saratov Region Chamber of Commerce Mr. Alexei Antonov also pointed to the beginning of economic cooperation of the region with Iran in the past three years and signing a MoU on cooperation, and announced readiness of the chamber for setting up a joint chamber between Saratov and Iran. He also said that Volga waterway is ready for transportation of goods between Iran and Russia.

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IRAN NEWS ECONOMIC DESK

TEHRAN – Head of Iran Trade Promotion Organization says talks with Eurasian Economic Union (EAEU) will be held by the end of 2020.

Hamid Zadboum said that the talks for temporary free trade between Iran and EAEU started in  2016 and in 2018 it was signed by the then Iran Minister of Industry, and after the approval of Majlis in late October 2019 it came into effect.

He added that the agreement was an international one between Iran and EAEU which includes countries like Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan and of course, the number of its members may increase in the future.

Zadboum added that Uzbekistan is working to join this union and some countries like Iran will have cooperation agreement with it.

He noted that some countries like Singapore and Vietnam are not the members of the union but they have free trade agreements with it.

Zadboum went on to say that the temporary free trade agreement with EAEU was carried out for one year in the first stage and then Iran has two more years to continue its free trade talks to finalize the deal.

He reiterated that Iran succeeds in signing the free trade agreement in three years, it can be a trade partner of the union and currently there is no talk of becoming its member yet.

Zadboum reiterated before resuming free trade talks, some legal measures should be taken that the preliminary meeting with the EAEU was virtually held in November in a webinar.

He further emphasized that the talks with the union on the free trade agreement will be held by the yearend and the talks will be in two parts that the first part is about the text of the agreement and the second part will be about the goods which may see discount or zeroing their tariffs.

An online meeting of the Iran-Eurasian Economic Union (EAEU) free trade agreement (FTA) taskforce, which was set up following the agreement signed between the two sides in October 2019, was held earlier this month.

The meeting was attended by the chairs of the mentioned taskforce, the Head of Iran’s Trade Promotion Organization (TPO) Zadboum, and the Eurasian Economic Commission (EEC) Minister of Trade Andrey Slepnev, the portal of TPO reported.

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

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

The agreement with the bloc has increased Iran’s exports to the EAEU member states significantly, which is a turning point for the Islamic Republic plans for boosting non-oil exports during the U.S. sanctions.

The figures show that the Iranian trade with the EAEU has increased to two billion dollars, indicating a 2% surge over the past eight months of 2020 compared to the same period in 2019.

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IRAN NEWS ECONOMIC DESK

TEHRAN – Head of Iran Trade Promotion Organization says talks with Eurasian Economic Union (EAEU) will be held by the end of 2020.

Hamid Zadboum said that the talks for temporary free trade between Iran and EAEU started in  2016 and in 2018 it was signed by the then Iran Minister of Industry, and after the approval of Majlis in late October 2019 it came into effect.

He added that the agreement was an international one between Iran and EAEU which includes countries like Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan and of course, the number of its members may increase in the future.

Zadboum added that Uzbekistan is working to join this union and some countries like Iran will have cooperation agreement with it.

He noted that some countries like Singapore and Vietnam are not the members of the union but they have free trade agreements with it.

Zadboum went on to say that the temporary free trade agreement with EAEU was carried out for one year in the first stage and then Iran has two more years to continue its free trade talks to finalize the deal.

He reiterated that Iran succeeds in signing the free trade agreement in three years, it can be a trade partner of the union and currently there is no talk of becoming its member yet.

Zadboum reiterated before resuming free trade talks, some legal measures should be taken that the preliminary meeting with the EAEU was virtually held in November in a webinar.

He further emphasized that the talks with the union on the free trade agreement will be held by the yearend and the talks will be in two parts that the first part is about the text of the agreement and the second part will be about the goods which may see discount or zeroing their tariffs.

An online meeting of the Iran-Eurasian Economic Union (EAEU) free trade agreement (FTA) taskforce, which was set up following the agreement signed between the two sides in October 2019, was held earlier this month.

The meeting was attended by the chairs of the mentioned taskforce, the Head of Iran’s Trade Promotion Organization (TPO) Zadboum, and the Eurasian Economic Commission (EEC) Minister of Trade Andrey Slepnev, the portal of TPO reported.

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

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

The agreement with the bloc has increased Iran’s exports to the EAEU member states significantly, which is a turning point for the Islamic Republic plans for boosting non-oil exports during the U.S. sanctions.

The figures show that the Iranian trade with the EAEU has increased to two billion dollars, indicating a 2% surge over the past eight months of 2020 compared to the same period in 2019.

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IRAN NEWS RCONOMIC NEWS

TEHRAN – The Eurasian Economic Union International Conference on the Geopolitical Role of Free Zones in Regional Development was held yesterday at Iran’s northern port Anzali.

In a video message to the International Conference of Eurasian Economic Union and Geopolitical Role of Free Zones, Iranian Minister of Energy said the country can play a pivotal role in cementing cooperation among member states of the Eurasian Economic Union (EAEU).

Reza Ardakanian added the EAEU is an emerging organization among regional bodies.

“If a higher level of regional unity, cooperation and convergence is reached at this union, it has the potential to turn into one of key economic and even political hubs of the world,” said Ardakanian, who is charged with coordinating the implementation of the temporary free trade agreement with the EAEU.

“If the Eurasian Economic Union boosts its performance, it can protect its members and trade partners against the negative effects of globalization, and can also help them improve their capabilities for global competition,” he noted.

He touched upon the conflict between Armenia and the Azerbaijan Republic near Iran’s norther borders, saying closer cooperation between regional countries and the EAEU as well as the enhancement of mutual trade can prevent further insecurity in the region.

“Given the new nature of threats and the vast number of security conflicts and challenges in the expansive Eurasia region, it is necessary to make more efforts to boost economic convergence among the regional countries; the EAEU has pave the way for this important measure,” he said.

He underlined that cooperating with the EAEU should be considered as a national project In Iran, which requires coordination and cooperation among all executive bodies and the private sector.

“with a population of 183 million and a foreign trade volume of $ 750 billion, the EAEU has a 3.2-percent share in the world GDP,” he said, “The EAEU is a unique opportunity for Iran to expand its exports and reciprocal trade in favor of its economic development.”

The EAEU can play a big role in improving the political and security risk factor of its member countries, including the Islamic Republic of Iran, he said.

Meanwhile addressing the conference, the head of the Iranian Association of Geopolitics referred to Iran as a strategic connecting point between Asia and Europe, saying the country has an irreplaceable and unique geopolitical position in the world.

Yahya Rahim Safavi noted, “Today, the power structure in the world is slowly moving towards a new order.”

Stressing that the U.S. is no longer the world’s only superpower, he said, “The decline of American economic, political, and cultural power at the level of internal and global scale is definite.”

Referring to the failure of U.S. hegemony, the diminishing effectiveness of sanctions and other economic, political tools to put maximum pressure on independent Eurasian nations such as Iran, Russia he said, “Today we are witnessing the emergence of new economic, political, cultural and security powers on a regional scale in Oceania and Asia.”

Today, the Eurasian region has got an influential role in the global economy due to the Sea of Japan, the Caspian Sea as well as the Persian Gulf in terms of having resources of world fossil fuels.

Elsewhere, Safvai hailed Iran’s irreplaceable and unique geopolitical position in the world that can connect China, Kazakhstan, Central Asia, and the Middle East to the Mediterranean and Europe, adding, “Transportation of Iranian goods to Russia and Europe is another economic axis that can be considered in the context of Iran relations with EAEU.”

The one-day conference was to explore the role of free zones in promotion of regional relations.

The problems facing economic activists for customs cooperation with the Union member states were discussed in the conference.

The Eurasian Economic Union is an international organization for regional economic integration. It has an international legal personality and is established by the Treaty on the Eurasian Economic Union.

The EAEU provides for free movement of goods, services, capital and labor, pursues coordinated, harmonized, and single policy in the sectors determined by the treaty and international agreements within the union.

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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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