Iran’s trade with the Eurasian Economic Union in the first five months of the current fiscal year (March 21-Aug. 22) nearly doubled compared with the corresponding period of last year.
According to the director general of International Affairs Department of the Islamic Republic of Iran Customs Administration, bilateral trade stood at $1.96 billion during the period to register a 96% growth year-on-year.
Iran exported $420.82 million worth of goods to the bloc during the period, registering a 73% YOY growth.
“Russia with 222.74 million, Armenia with 99.68 million, Kazakhstan with 63.68 million, Kyrgyzstan with 26.98 million and Belarus with 7.74 million were Iran’s top five export destinations,” Hossein Kakhaki was also quoted as saying by IRNA.
Imports stood at $1.54 billion, registering a 59% growth in value compared with the corresponding period of last year.
Russia with $1.33 billion was the biggest exporter to Iran, followed by Kazakhstan with $195.58 million, Belarus with $9.62 million, Armenia with $3.54 million and Kyrgyzstan with $269,000.
The Eurasian Economic Union is an international organization targeting regional economic integration. The international legal entity was established by the Treaty on Eurasian Economic Union. The EEU provides for free movement of goods, services, capital and labor, and pursues a coordinated and harmonized policy in sectors determined by the treaty and international agreements within the union.
The EEU member states are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. The union has been created to comprehensively upgrade, raise the competitiveness of and cooperation between the national economies, and to promote stable development to raise the living standards of member states. The bloc has an integrated single market of 180 million people and a gross domestic product of over $5 trillion.