BAKU, Azerbaijan, January 21. Iran's exports to the Eurasian Economic Union (EAEU) member countries rose by 15%-16%, Deputy Minister of Industry, Mines and Trade and Chairman of the Trade Development Organization of Iran Mohammad-Ali Dehghan Dehnavi said at a solidarity meeting on the organization of the 4th International Exhibition on Trade between Iran and the EAEU in Tehran today, Trend reports.
However, he noted that Iran's non-oil exports saw a decline during the reporting period.
Dehnavi further elaborated that a trade exhibition focused on cooperation with the Eurasian Economic Union (EAEU) is scheduled to take place in Tehran from February 1 to 4. Representatives from EAEU member countries will also participate in this event. Notably, 87% of the products exchanged between the EAEU member states and Iran are exempt from duties, unlocking significant potential for Iran's export market.
The official emphasized that organizing this exhibition marks the beginning of a pivotal phase in advancing trade relations, with the Trade Development Organization of Iran playing a critical role in supporting the private sector in this endeavor.
The deputy minister highlighted Iran’s strategic objective of cultivating long-term trade relations with the EAEU member countries. With the EAEU's annual global trade reaching approximately $890 billion, securing a 5-10% share of this market could potentially elevate Iran's trade volume with the union by an estimated $40-80 billion.
Dehnavi pointed out that according to preliminary studies by the Trade Development Organization of Iran, the potential for Iran's exports to Russia is about $12 billion per year. This means that Iran's current exports could increase by up to 10 times.
According to data from the Iranian Customs Administration (IRICA), Iran’s total goods exports for the eight months of the current Iranian year amounted to approximately $37 billion, or 105 million tons. While the export value experienced a 3.48% decline relative to the previous year, the export volume showed a modest 1.17% increase.
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