Iran’s trade with the Eurasian Economic Union (EAEU) remains underdeveloped, with limited exports to the bloc despite the vast opportunities presented by the region’s $1.5 trillion annual trade volume, according to the Vice President of Iran Chamber of Commerce.
Qadir Qiafah said that Iran’s economic ties with the EAEU have fallen short of their potential due to the country’s failure to effectively showcase its trade capabilities.
He explained that despite the EAEU's sizable trade volume, which exceeds $1.5 trillion annually, Iran's share remains minuscule. He noted that even at its peak, trade between Iran and Russia — the union's largest member — reached just $4.2 billion.
“We have missed out on opportunities,” Qiafah remarked. “In the best case, we have managed $4.2 billion in trade with Russia, and even less with the other EAEU members. This is far below the potential that exists.”
Russia, as the key economic driver of the EAEU, imports more than $300 billion worth of industrial, intermediary, and consumer goods, Qiafah pointed out. Yet, he said that Iran's share of this import market remains under $1.5 billion, despite Russia’s close geographical and political ties with Tehran.
Although Iran and Russia’s economies do not fully complement each other in sectors such as steel and petrochemicals, Qiafah stressed that there are significant areas where collaboration is possible without creating unnecessary competition.
He emphasized several key areas where Iran could benefit from deeper integration with the EAEU, including nanotechnology, radiopharmaceuticals, biotechnology, and the oil and gas industry. These sectors, he said, offer substantial potential for the exchange of knowledge, technology, and products, which could lead to increased trade.
Furthermore, Qiafah highlighted the potential of the EAEU in providing essential goods and animal feed to Iran, which would significantly benefit the country’s agricultural and livestock sectors.