The value of trade between Iran and Eurasian Economic Union (EAEU)’s member states reached $1.244 billion during the first eleven months of the current Iranian calendar year (March 21, 2019-February 19, 2020), according to the spokesman of Islamic Republic of Iran Customs Administration (IRICA).

Rouhollah Latifi said the figure shows 105 percent growth from $550 million value of trade between Iran and EAEU in the same period of time in the past year, ISNA reported on Tuesday.

The official further appreciated the role of private sector in trade exchange between the two sides, specially under the sanctions condition.

A promising future is prospected for the EAEU, specially given that some countries like India has started negotiations to join the block, and now it is a good time for Iran to take its transit advantage to expand ties with this union, according to another IRICA official, Hossein Kakhaki.

Making the remarks during a conference titled “Exports-Transit and Eurasia” held in IRIB Conference Hall on February 9, Kakhaki, who is the director general of International Affairs Department of IRICA, emphasized that IRICA attaches high significance to trade with EAEU and offers the most facilities to the exporters of commodities to this union’s member states.

After several years of negotiations, Iran and Eurasian Economic Union finally reached a free trade agreement in 2018 based on which about 862 commodity items are subject to preferential tariffs.

The interim agreement enabling formation of a free trade area between Iran and the EAEU was signed on May 17, 2018 and officially came into force on October 27, 2019.

Iran is a very important market in the region and development of ties with this country is of high significance for the EAEU members (Russia, Belarus, Armenia, Kazakhstan and Kyrgyzstan).

The free trade agreement between Iran and this union has laid the ground for the expansion of trade ties between the two sides.

Iran’s signing the agreement with the bloc has increased the country’s exports to the EAEU member states significantly, which is a turning point for the Islamic Republic to boost its export under the sanctions time.