BAKU, Azerbaijan, Jan. 20
By Elnur Baghishov – Trend:
Iran has the potential to greatly increase the value of exports to Russia by 15 times, in other words, to minimum $7.5 billion in the next four years, Deputy Minister of Industry, Mine and Trade and Head of Trade Promotion Organization of Iran (TPOI), Alireza Peymanpak said, Trend reports citing the organization’s website.
The deputy minister said that various researches have been conducted to increase Iran's exports to Russia.
“Russia has an average $600 billion worth of annual trade turnover. Of this, $300 billion is related to imports and $300 billion to exports. Meanwhile, Iran's share in Russia's imports is about $380-$450 million per year,” he added.
Peymanpak noted that Iran can export many products to Russia, including foodstuff and agricultural products, petrochemicals, clothing, footwear and etc.
"Iran should seize this opportunity," he pointed out.
The chairman also pointed out that Russia imports an average of $8 billion worth of agricultural products in the winter, and Iran has many advantages in terms of both production and delivery of goods for the mentioned period.
According to him, free trade with the member countries of the Eurasian Economic Union (EAEU) will create a large market for Iran.
“At the same time, in order to increase exports, work is also underway to remove barriers on banking operations,” Peymanpak stressed.
During the first 9 months of the current year (March 21 through December 21, 2021), Iran's trade turnover with Russia amounted to 3.5 million tons worth more than $1.65 billion, which is an increase of 41 percent in value and 12 percent in volume, compared to the same period last Iranian year.
Iran exported 838,000 tons of goods worth about $433 million to Russia in 9 months, which is an increase of 29 percent in value and 15 percent in volume, compared to the same period last Iranian year.
Also, Iran imported 2.73 million tons of goods worth $1.22 billion from Russia within the mentioned period, which is an increase of 45 percent in value and 11 percent in volume, compared to the same period last Iranian year.
As of October 27, 2019, a temporary trade memorandum has been in force between Iran and the EAEU. In accordance with the memorandum, 862 kinds of products are being imported and exported upon preferential tariffs between the two sides.
Iran exporting over 500 kinds of products and imports some 360 kinds of products as part of the memorandum.
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