The Islamic Republic of Iran Customs Administration (IRICA) says given the existing free trade agreement between Tehran and the Eurasian Economic Union (EAEU), Iran intends to increase trade exchanges with the economic bloc up to $10 billion within less than two years.
Mohammad Rezvanifar, head of the Islamic Republic of Iran Customs Administration, made the remarks in a meeting with Minister in charge of Customs Cooperation of the Eurasian Economic Commission Eldar Alisherov on Saturday.
According to the Iranian official, the administration of President Ebrahim Raisi is determined to develop strategic ties with the member states of the EAEU.
The total volume of trade exchanges between Iran and the member states of the EAEU stood at $3.3 billion in 2022, he said, adding that the Islamic Republic exported $1.5 billion of commodities and imported $1.7 billion of goods in that year.
The transit exchanges between Iran and the EAEU member states were reported 1.8 million metric tons in the same year, including one million metric tons from Iran and 700k meteric tons from the EAEU member countries, he added.
Head of the Trade Promotion Organization of Iran (TPO) Alireza Peimanpak said in January that enforcement of a free trade agreement between Iran and the Eurasian Economic Union (EAEU) would make it possible for both sides to increase bilateral trade to more than $10 billion a year by March 2025.