Iran, EAEU trade rises 33% in 9 months
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With US sanctions bombarding the Iranian economy, Tehran curtailed the unilateral punitive measures by cooperating with the Eurasian Economic Union.
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The heads of the member states of the Eurasian Economic Union
Trade between Iran and the Eurasian Economic Union (EAEU) experienced growth that amounted to 33%, with a value of $2.2 billion between March 21 and December 21.
The Tehran Chamber of Commerce, Industries, Mines, and Agriculture said trade between Iran and the bloc weighed at around 4.9 million tons, and data indicated that Iranian exports were worth $878 million to the EAEU, making for a 6.7% rise in value.
The Iranian imports from the EAEU amounted to $1.3 billion, rising 44.7% in value compared to the same period in 2020.
Iranian trade with the union netted positive with all Eurasian countries except for Russia - Tehran's trade balance with Moscow, as well as Armenia and Belarus, decreased, and it improved with Krygyzstan and Kazakhstan.
Tehran and Minsk reached a free trade agreement in October 2018, based on which tariffs of some 862 commodity items were lowered.
The agreement, though interim at the time, enabled the formation of a free trade area between Iran and the EAEU, and the parties signed it on May 17, 2018. The free trade agreement came into force in late 2019.
The bloc sees Iran as a highly important market in the region, and it has good relations with the bloc's member states, namely Russia, Belarus, Armenia, Kazakhstan, and Kyrgyzstan.
The agreement reached between the two laid the ground for expanding trade ties, and it saw Iranian exports to the bloc's member states increasing significantly.
The agreement is of high importance to Iran as well as it is facing US sanctions that suffocated the country and its economy, allowing Tehran to boost non-oil exports.
Raisi's proposal aims for 8% economic growth for Iran
On December 12, Iranian President Ebrahim Raisi posited new economic reforms, aiming for an 8% economic growth and increased crude oil sales of 1.2 million barrels a day, challenging US sanctions.
After the bill submission was a week late, Raisi submitted the annual budget bill - bill 1401 - to the legislature; a bill that addresses a series of resolutions for Iran's economy, which suffers from slow growth and a depreciating currency.
The bill has been sent to the legislature for review, approval, and/or amendment; as soon as parliament supports the government's proposal, the Guardian Council - the constitutional supervisory body - will ratify it on its way to becoming law in Iran.
