Iran and the Eurasian Economic Union member states traded 8.68 million tons of commodities worth $3.4 billion in the last Iranian year (March 2020-21), according to the head of the Islamic Republic of Iran Customs Administration.
“Iran exported close to 2.68 million tons worth $1.05 billion to EEU states over the period, registering a 2% decline in value compared with the year before,” Mehdi Mirashrafi was also quoted as saying by IRNA.
Imports from the bloc stood at 6 million tons worth $2.36 billion during the same period, showing a year-on-year decline of 1% in value.
“The decline in trade was due to restrictions concerning the Covid-19 pandemic as well as economic sanctions imposed on the country.”
EEU member states include Russia, Kazakhstan, Armenia, Belarus and Kyrgyzstan.
Russia was Iran’s biggest trade partner among EEU member states. Imports from Russia stood at 5.24 million tons worth $2.11 billion (89% of Iran’s total imports from EEU) as exports reached 1.06 million tons worth $509.91 million (48% of overall exports).
Russia was followed by Kazakhstan with 741,510 tons worth $201.21 million of exports to Iran and 337,075 tons worth $167.99 million of imports.
Next was Armenia with $17.32 million and $304.55 million worth of exports to and imports from Iran respectively.
Belarus came next with $31.22 million and $21.11 million worth of exports and imports respectively.
Kyrgyzstan came last with $2.57 million and $45.85 million worth of exports and imports respectively.
Iran and the Eurasian Economic Union signed a three-year provisional agreement in Astana, Kazakhstan, on May 17, 2018, for the bloc to welcome Iran into EEU. The arrangement, which lowers or abolishes customs duties, is the first step toward implementing free trade between Iran and the five members of the union. The PTA came into effect on October 27, 2019.