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24 July 2023 - 14:15
‘Iran, EAEU trade doubles in past 4 yrs’

The trade between Iran and the Eurasian Economic Union (EAEU) has doubled over the past four years, EAEU Minister of Trade Andrey Slepnev has said.

In an exclusive interview with the IRNA published on Monday, Slepnev said that bilateral cooperation with the Islamic Republic is actively expanding in various spheres.

The figures indicate that trade between the union and Iran surged by 22% in 2022, added the official.

He went on to say that agricultural products account for 75% of the trade of the bloc with Iran.

Industrial commodities play a pivotal role in the cooperation between the two sides, he said, adding that the trade in the areas of minerals, industries, and chemicals is about to be expanded.

He called for expansion of machinery trade between the two sides.

Elsewhere in his remarks, Slepnev termed Iran as a key partner in the International North-South Transport Corridor (INSTC), calling the INSTC a solution in transportation and logistics.

The project will not only help expansion of regional trade, but it will also bring about cooperation in the field of industry and joint production, he further noted.

The EAEU was founded in 2015 at the initiative taken by the Russian Federation, Kazakhstan, and Belarus. The Republic of Armenia and Kyrgyzstan are other members of the Union.

Iran and the EAEU inked a draft agreement on preferential export tariffs in 2018. Also, the Islamic Republic and the Union have held negotiations since mid-2021 in a bid to reach an all-out agreement.

News ID 195773

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