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7 May 2023 - 15:11
Iran, EAEU discuss trade expansion

The Eurasian Economic Union and Iran have discussed trade expansion and the development of a common customs transit system, the press service for the Eurasian Economic Commission said.

Eurasian Economic Commission Minister for Customs Cooperation Eldar Alisherov held a meeting with Iranian Deputy Economy Minister Mohammad Rezvanifar in Tehran, the press service said. 

"The two sides noted keen interest in developing customs cooperation between the EEU member states and Iran, especially for broadening trade in furtherance of the interim agreement of May 17, 2018, and the future free trade agreement,” Interfax reported.

"The meeting addressed practical aspects of the implementation of the interim agreement [confirmation of the origin of imported goods, determination of customs value and administrative cooperation], ways of further development of customs infrastructure, including the North-South transportation corridor and the possibility of forming a common customs transit system of the union and a third party," the press service said.

Iran and EEU emphasized the prospect of signing a protocol between central customs authorities of the EEU member states and the Islamic Republic of Iran Customs Administration on the procedure of electronic information exchange, it said.

"The Islamic Republic of Iran has historically been a significant partner of EEU member states, interaction with which we attach particular importance to. Iran's role in the union's trade and economic ties has been growing steadily … and it is the task of customs services to maximize facilitation of trade between our countries while exercising a proper level of customs control," Alisherov said.

"Mohammad Rezvanifar underlined the role of EEU in the development of international economic cooperation and assumed that trade turnover between Iran and the union member states would more than double [to $10 billion per year] once the free trade agreement is signed," the press service said.

Iran traded 6.37 million tons of goods (excluding crude oil) worth $3.25 billion with the Eurasian Economic Union’s member states in fiscal 2022-23, registering a 51.44% and 42.27% drop in terms of weight and value respectively compared to the year before, latest data released by the Islamic Republic of Iran Customs Administration show.

News ID 195259

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